Two Bitcoin funds introduced in Singapore by MAS-regulated fund manager
Singapore-based fund manager Fintonia Group has released two institutional-grade Bitcoin (BTC) funds approved by the Monetary Authority of Singapore (MAS).
The new funds, the Fintonia Bitcoin Physical Fund and the Fintonia Safe Yield Fund, are planned to supply basic and protected direct exposure to Bitcoin for expert investors, Fintonia announced on Thursday.
“The funds are live and investors can subscribe and redeem frequently as they are open-ended funds, comparable to a shared fund. The funds are just offered for accredited Investors,” Fintonia creator and chairman Adrian Chng told Cointelegraph.The Fintonia Bitcoin Physical Fund targets institutional investors looking for direct exposure to Bitcoin, enabling them to buy, store and sell large amounts of the cryptocurrency.”The fund gets physical Bitcoin, meaning we will purchase the real Bitcoin instead of a derivative instrument on Bitcoin,”Chng apparently said.The Fintonia Secured Yield Fund, on the other hand, offers investors with access to private loans protected by Bitcoin.”Bitcoin is an exceptional kind of collateral for loans. It trades 24/7 and is highly liquid, with roughly $30 billion to $60 billion daily. If required, it can be rapidly liquidated in contrast with, for example, commodities and real assets,”Chng noted.Both funds count on a third-party licensed custodian saving customers’cryptocurrencies on cold wallets. Investments are likewise guaranteed against theft and hacking, the business said.Fintonia aims to lower crypto-to-fiat friction as an MAS-regulated fund manager that complies with Know Your Customer and Anti-Money Laundering requirements. “These open-ended funds supply professional financiers with a recognized legal and regulative structure, similar to that of a normal shared fund, “the statement reads.Fintonia Group is a regulated monetary services firm founded in 2014 with a concentrate on fintech. Chng states that Fintonia has been associated with cryptocurrency since the early days and now specifically concentrates on cryptocurrency, as it “has developed into a separate asset class.”MAS did not immediately react to Cointelegraph’s ask for comment.Related: Singapore to position itself as international crypto center, says regulator The news even more declares Singapore’s commitment to
ending up being a main worldwide cryptocurrency hub as regional regulators have actually issued several licenses to legislate crypto trading in the country. According to MAS managing director Ravi Menon, Singapore is establishing”really
strong policy “to strengthen its position as the world’s crypto center.Published at Fri, 26 Nov 2021 09:11:23 +0000