Hassans has announced that it advised RockCyph3r Fund PCC Limited on the jurisdiction’s first Experienced Investor Fund (EIF) set up with a complete multi-strategy focus on cryptocurrencies.
The Gibraltar Financial Services Commission (GFSC) approved the Fund on 21 November 2018 and now appears as an authorised EIF on its website. The news comes just weeks after the Gibraltar Funds & Investments Association (GFIA), of which Hassans is a founding and extremely active member, launched the world’s very first Code of Conduct for Crypto Funds.
The creation of the Fund was led by Hassans’ Partner and FinTech specialist Aaron Payas. The speed to market of the fund was also testament to the support given by the Fund’s manager, Reynaldo Ramirez of Glenwood Limited, and the Fund’s promoters, Dr. Karl Mueller, Dr. Kevin Mueller, Dr. Hirkirit Virdee and Vikram Nagrani (also a Hassans’ Partner and Co-Lead of the Firm’s Fintech team) of DEEP COV3R LIMITED which provides research and intelligence services on all DLT and cryptocurrency related matters.
Commenting on the Fund, Aaron Payas stated: “The team at Hassans has worked exceptionally hard to create a structure that is robust whilst retaining the flexibility to allow the fund manager to implement the investment strategies effectively. Crypto funds come with their own specific issues including problems with safekeeping, security, transmission and valuation of the crypto assets. We have successfully created policies to mitigate all these risks taking into account the expectations of the GFSC and the issues highlighted in GFIA’s Code of Conduct for Crypto Funds.”
RockCyph3r Fund PCC Limited is Gibraltar’s first Crypto EIF and is an excellent example of the maturity, specialisation and efficacy of Gibraltar’s funds industry, but it is expected to be followed by more Crypto EIFs before the turn of the year.
Aaron adds: “Crypto funds need to be carefully structured in order to appropriately protect investors; if not, they can easily be used as a means to defraud unknowing investors with little or no chance of recovering their money.”
Any investors interested in establishing a crypto fund in Gibraltar can contact Aaron at [email protected].