Join Our Telegram channel to stay up to date on breaking news coverage
- What – Local investors in Hong Kong have initiated a $100 million fund, Pro Digital Future.
- Why – The fund will provide financing to early-stage Web3 companies aimed at the regional market.
- What Next -The move complements Hong Kong’s vision to become a hub of finance and industry of digital assets in the region.
As per a Bloomberg report on March 30, ProDigital Future has already secured around $30 million for crypto regulations during its six-month fundraising period. The platform aims to raise the remaining $70 million by the end of 2023.
The fund is being led by Ben Ng, a partner at Hong Kong-based equity firm SAIF Partners, and Curt Shi, a seasoned tech investor from China. Furthermore, Sunwah Kingsway Capital Holdings and Golin International Group have already invested in the fund.
According to Curt Shi, the co-leader of ProDigital Future, the fundraising process has been “relatively smooth.” However, investors are being cautious about investing in decentralized finance projects. ProDigital Future has managed to attract investors from Hong Kong, as well as family offices from Singapore, Australia, and China.
Fund to Embrace Hong Kong and Its Crypto Regulations
ProDigital Future aims to expand its reach globally while “embracing Hong Kong and its policies.” The fund has already invested in six projects of digital currencies, including GigaSpace, a metaverse company. It also has invested in One Future Football, a digital football league from Australia, currently operating in stealth mode.
Keep in mind that the emergence of ProDigital Future collides with increasing efforts at regulating the digital assets in Hong Kong. In October 2022, the Hong Kong government proposed the possibility of establishing its own bill to regulate digital assets. On February 20, Hong Kong’s SFC(Securities and Futures Commission) announced a proposal for a licensing regime for Satoshi exchanges. The SFC’s proposed bill will enact as law in June this year.
The proposed licensing regime will require potential cryptocurrencies enthusiasts and players to meet specific prerequisites, such as the safekeeping of assets, compliance with Know Your Customer, and Anti-Money Laundering. Additionally, they will need to adhere to the government’s policy of fighting the Financing of Terrorism regulations and will also need to complete the necessary licensing process.
Although the regulatory efforts are increasing, the introduction of ProDigital Future indicates a rising interest in the possibilities of the Bitcoin’s market in Hong Kong and the Asia-Pacific region. The fund’s emphasis on Web3 startups and adherence to regulatory requirements aims to foster the growth and advancement of the digital industry in the region.
Newest Meme Coin ICO - Wall Street Pepe
Join Our Telegram channel to stay up to date on breaking news coverage
