Hong Kong steps up to US crypto fund challenge with tokenised fund approval

Hong Kong has approved its first “digitally native” tokenised fund, allowing professional investors to hold direct ownership of the underlying assets on a public blockchain, issuer Baillie Gifford says, as the city steps up its challenge to the US as a global crypto hub. The British fund manager said on Wednesday it had received approval from the Securities and Futures Commission to launch the Baillie Gifford Enhanced Yield Fund (BAGEY) – an actively managed portfolio of short-duration...