Croatian Regulator Approves Griffon’s Bitcoin Investment Fund

Hanfa, the Croatian financial regulator, has approved the Passive Digital Asset fund, making it the first regulated crypto investment fund in the country.

Approved on Thursday, the regulator has also appointed HPB, a Croatian state-owned bank, as the depository for the fund.

The fund is open-ended and invests exclusively in Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term. The investments in the fund remain open for a period of 15 days or once the total assets hit HRK 1 million (around $143,320), whichever comes first.

“The investment goal of the Fund is to enable investors' exposure to bitcoin cryptocurrency, with a significant reduction of technical and other operating risks linked with individual holding of cryptocurrency, or cryptocurrency trading,” the regulator stated.

No performance fees for a reason?

Initial investments in the fund can be made using either Bitcoins or fiat.

The fund has been set up by Griffon Asset Management which initially received Hafna’s approval to manage assets in May last year.

For the crypto fund, there will be a management fee of 2.5 percent. The investors will be charged with 3.5 percent as an exit load for pulling out their money within a year and 2.5 percent for an exit within two years. However, there is no performance fee for the fund.

Bitcoin has made impressive returns over the years, which forced the major funds to jump into the arena to receive a piece.

Earlier this year, Hong Kong authorities approved the first crypto fund of the jurisdiction with an asset under management (AUM) of $100 million.

3iQ, a Canadian investment fund manager, also listed a Bitcoin on the Toronto Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term.