FCA GRANTS FIRST LICENCE TO CRYPTO HEDGE FUND

A UK based crypto currency hedge fund is the first investment firm in the UK to receive full-scope authorisation from the financial regulator, the Financial Conduct Authority (“FCA”).

THE LICENCE

In a Bloomberg report published on 2 July 2019, it has been confirmed that the licence will enable the cryptocurrency focussed firm to operate as a full scope alternative investment fund manager to manage unlimited amounts of capital targeted at institutional investors, which is not a possibility for smaller-sized asset managers that are capped at €100m. This development is expected to pave the way for further crypto regulation in the UK and is an exciting step forward for the industry.

NEXT STEPS

To view the Bloomberg report, please click here.

For more information on or any guidance or advice on cryptocurrencies or cryptoassets, Cleveland & Co External In-House Counsel, your specialist outsourced legal team are here to help.

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