• A new equity fund in Hong Kong called ProDigital Future is planning to raise $100 million for crypto investment.
• The fund will focus on early-stage Web3 companies oriented at the regional market and embrace Hong Kong’s policies.
• The government of Hong Kong proposed a licensing regime for cryptocurrency exchanges, which is set to take effect in June.
Hong Kong Fund Plans to Raise $100 Million for Crypto Investment
A new Hong Kong-based equity fund, ProDigital Future, has finished its half-year fundraising period with about $30 million and plans to raise an additional $70 million by the end of 2023. It aims to finance early-stage Web3 companies oriented at the regional market and embrace Hong Kong’s policies. Sunwah Kingsway Capital Holdings and Golin International Group have already hopped in to support the fund, as well as investors from China, Australia, Singapore and other countries.
Fund Has Already Invested In Six Digital Projects
ProDigital Future has already invested in six digital-asset projects including metaverse company GigaSpace and One Future Football, a digital football league from Australia currently operating in stealth mode.
Hong Kong Government Proposes Licensing Regime For Cryptocurrency Exchanges
In October 2022, the government of Hong Kong floated the idea of introducing its own bill to regulate crypto. On Feb. 20, Hong Kong’s Securities and Futures Commission released a proposal for a licensing regime for cryptocurrency exchanges, set to take effect in June. This regime suggests potential market players meet several prerequisites such as safe custody of assets and following Know Your Customer (KYC), Anti-Money Laundering (AML) regulations etc..
Investors Are Cautious About Putting Money Into Crypto Projects
The fundraising process for ProDigital Future has been “relatively smooth,” although investors are cautious about putting their money into crypto projects due to lack of regulatory clarity or legal framework regarding crypto assets in many countries. However, with increasing acceptance of cryptocurrencies among governments worldwide this caution may reduce over time leading more investors into this space with better returns than traditional investments like stocks or bonds offer presently .
As governments around the world become increasingly open towards cryptocurrencies it opens up opportunities like this one where investors can put their money into promising startups while making good profits in return if they choose wisely when investing their funds into these projects .