UK´s FCA approves first crypto-only investment fund

05 Jul, 2019
by Alberto Arnaldo
Regulation
UK´s FCA approves first crypto-only investment fund

In what appears to be a first for a British crypto firm, Prime Factor Capital has been authorized by the Financial Conduct Authority (FCA) to operate as alternative investment fund manager (AIFM).

According to the press release, the CEO of the British firm, Nic Niedermowwe, has reflected on the achievement in the following way:

“This is a significant milestone not just for Prime Factor, but for the industry as a whole. Being FCA-regulated brings us under the purview of one of the most recognized financial markets regulators globally. This is particularly relevant in the cryptocurrency space, which has repeatedly captured headlines for poor operating standards and even fraudulent activity. Investors need to be able to trust their managers not only to generate returns, but also to act responsibly and in their best interest.”

In order to comply with European regulation, which will be the operational frame of Prime Factor, the firm has already appointed a depositary in order to provide an extra layer of protection for investor, by fulfilling fund oversight and tasks such as asset ownership verification and cash flow monitoring.

The team of Prime Factor is composed of about 7 professionals which, according to their profiles on the firm´s website, have experience in plenty of financial industry leaders such as Goldman Sachs, Deutsche Bank, BNP Paribas, ING, RWE or McKinsey & Company.

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