Jersey regulator praised for approving bitcoin fund

Regulatory authorities in Jersey were praised for working in concert to approve a bitcoin investment fund, the first fund of its kind and launched by investment manager Global Advisors.

The Global Advisors bitcoin Investment Fund allows institutional investors to gain exposure to the digital currency and, according to lawyers Carey Olsen who advised on the product, it is the first regulatory approved fund of its type.

“What was particularly noteworthy here is that, despite this being a world-first in a new asset class, the JFSC [Jersey Financial Services Commission], Digital Jersey, the States of Jersey, Global Advisors and Carey Olsen worked together to ensure all activity needed to establish this fund was done within a remarkably short period of time,” says James Mulholland, a partner at Carey Olsen.

Jersey is trying to develop a reputation as a leader in digital currencies such as Bitcoin. An industry group – Bit.coin.je – aims to make Jersey the world’s first “bitcoin isle” and it campaigns for local businesses to adopt the currency.

Elsewhere, Philip Ozouf, minister of treasury and resources, has spoken in favour of the digital currency.

“Our infrastructure of world-class financial services and digital expertise gives us the tools to be an early leader in the field,” he has said.

©2014 funds europe

HAVE YOU READ?

THOUGHT LEADERSHIP

The tension between urgency and inaction will continue to influence sustainability discussions in 2024, as reflected in the trends report from S&P Global.
FIND OUT MORE
This white paper outlines key challenges impeding the growth of private markets and explores how technological innovation can provide solutions to unlock access to private market funds for a growing…
DOWNLOAD NOW

LATEST SURVEY

Visit our dedicated Ireland channel for all the latest news and analysis on the country's investment industry.
READ MORE

PRIVATE MARKETS FUND ADMIN REPORT

Private_Markets_Fund_Admin_Report

LATEST PODCAST