GFSC Approves Guernsey's First Cryptocurrency Fund

Guernsey has approved its first cryptocurrency fund after its regulator, the Guernsey Financial Services Commission (GFSC), authorised Jacobi Asset Management to launch the world's first Tier 1 Bitcoin exchange-traded fund (ETF).

The fund was approved on 15 October and is available to institutional investors, and will seek approval from the Financial Conduct Authority in the UK to list on the UK-based arm of the Chicago Board Options Exchange, at which point it will become a Tier 1 ETF.

The ETF was designed by Guernsey-based regulatory consultancy Midshore Consulting, led by Managing Director Christopher Jehan, also Head of Fund Architecture at Jacobi and former Chair of the Guernsey Investment & Funds Association. The legal work was performed by Guernsey law firm Collas Crill, led by Partner Wayne Atkinson and Senior Associate Gareth Morgan.