Bitcoin fund for Hong Kong, people trust centralized money more than BTC and Wyoming passes law for insurance companies to invest in crypto

Photo by Dmitry Demidko on Unsplash

Bitcoin funds in Canada and Hong Kong

According to Bloomberg, Venture Smart Asia Ltd. has launched Hong Kong’s first approved cryptocurrency fund with a target first-year size of $100 million. It offers a sanctioned window for institutional investors in Bitcoin.

With the permission of the Securities and Futures Commission, asset manager Arrano Capital is allowed to roll out this fund.

This news follows the ongoing progress which is made in Canada. The Toronto Stock Exchange (TSX) launched ‘The Bitcoin Fund’ in cooperation with 3IQ and Gemini (for custody).

People trust centralized solutions more than Bitcoin

Trust in decentralized cryptocurrencies like Bitcoin is sorely lacking, according to a survey of more than 3,000 digital payments users. The research concluded that people are more than twice as likely to trust a digital currency issued by a central bank (54%) as a decentralized cryptocurrency (26%).

Interestingly (and logically), the trust in cash money from people’s own country rates the best (84%).

Respondents said they would trust banks, and large companies — whether involved in technology or finance — over a decentralized digital currency such as Bitcoin, which is not backed by any particular organisation.

Source: Decrypt

Wyoming passes law to allow insurance companies to invest in bitcoin and other cryptocurrencies

The amendment was passed last month and comes into effect on July 1, according to information from the Wyoming State Legislature.

As per the new law, insurance companies are now allowed to invest in “digital consumer assets.” These are defined as “digital asset that is used or bought primarily for consumptive, personal or household purposes.”

Source: The Block Crypto

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