Croatian financial regulator approves Bitcoin investment fund

Croatia's financial regulator Hanfa has supported Griffon Asset Management's plan to create a Passive Digital Asset fund and managethem. The state bank HPB has been approved as a depositary.

The decision of the financial regulator states thatpassive fund invests exclusively in bitcoin. The initial investment period will end when the total assets reach 1 000 000 HRK or 15 working days after the decision is made, whichever comes first.

Investors can make initial investmentsin fiat currency or bitcoins. Griffon will use three different blockchain observers to calculate the daily value of assets. Researchers must provide matching values ​​every day before Griffon can record the total value of the assets.

“To access and manage crypto assetsmultiple signature keys are required which are physically stored in separate secure locations and the transfer of assets cannot be effected without signature by the Company and Depository keys,” — adds a regulator.

Bitcoin fund charges management fee inthe amount of 2.5%. Griffon receives 3.5% from investors who leave the fund in less than a year, and 2.5% from investors who leave the fund in less than two years. Then the commission for leaving the fund is reduced.

Hanfa approves Griffon management applicationassets in May 2019. On its website, Griffon claims to be managing an “open alternative investment fund with a private offer for investing in crypto assets.”

Recall that last summer Croatia Postannounced the test launch of a cryptocurrency cash exchange service in Zadar in partnership with Electrocoin. In addition, in early 2019, the capital of Croatia announced plans to integrate the blockchain.

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