A multifamilial office based in Hong Kong which manages money for some of the richest families in the city would have adventurous in the cryptography industry for the first time.
The company, which has 4 billion dollars in management under management, seeks to invest up to $ 10 million in capital Re7 strategies, Bloomberg reported on Monday. However, the size of the allowance has not yet been finalized.
“The decision is one of the recent measures by VMs to diversify in more liquid investments,” said Elton Cheung, managing partner of VMS Group.
Cheung said that the company has made substantial investment capital gains and in other long-term investments, it is more difficult for the company to leave such investments, because more and more companies choose to remain private for longer periods.
In relation: Jack Ma’s Ant International Eyes Stablecoin license in Singapore, Hong Kong
VMS Group has cited growing demand and the regulatory environment becomes favorable as the reasons for the decision.
“We thought it was the right time due to growing demand and because we see a clearer legislative and government support for various jurisdictions, as well as great institutional support and approval,” said Cheung.
In particular, VMS Group chooses to invest indirectly via Re7 Capital instead of investing directly in the digital assets themselves. Re7 Capital is a digital asset investment company which focuses on the generation of return via DEFI and other cryptographic strategies.
Cointelegraph contacted the VMS group but did not receive an answer at the time of publication.
Flash regulation
Hong Kong recently took regulatory measures to promote cryptographic innovation in the region.
Earlier this month, the Hong Kong government would have used the interoperability of ChainLink interoperability to explore the opportunities for its Central Bank digital currency initiative.
On June 4, Hong Kong regulators allowed professional investors to exchange cryptographic derivatives as part of their plan to extend product offers to these investors.
In May, the Hong Kong Legislative Council adopted a bill which will allow companies to issue stalls supported by fiduciary currencies by the end of the year.
Hong Kong companies accumulate crypto
Hong Kong companies have already started adding crypto to their treasury bills.
Last week, Memmettegy, an investment company managed by 9GAG, became the first listed company in the region to invest in Solana. The company bought more than 2,400 floor tokens for $ 368,000.
Meanwhile, in May, the seller of heat meal and eating DDC Enterprise bought 21 BTC as part of its wider strategy to accumulate 5,000 bitcoin in the next three years.
Review: New York Bitcoin Pubkey Bar will be Orange-Pill Washington DC Next
