9th June 2021, 18:39
Gibraltar is one of the 'jurisdictions of choice' for crypto hedge funds according to PwC Gibraltar, following a joint global study it conducted with Elwood Asset Management.
The Rock has leapt into third place, overtaking the British Virgin Islands and Luxembourg, with Cayman Islands and the U.S. maintaining their positions as the top two jurisdictions, although their market share is declining.
The report estimates global crypto hedge fund assets have increased to just under $4 billion in 2020, up $2 billion from the previous year.
Nearly 10% is domiciled in Gibraltar, which would represent close to 270 million pounds worth of assets, with 34% in the Cayman Islands and 33% in the US.
Speaking to business strategy magazine, Funds Europe, Director and crypto-lead at PwC Gibraltar Luke Walsh said Gibraltar’s global leading position in the crypto and fintech space is testament to its commitment to keep at the forefront of financial and technological innovation.
He said the jurisdiction’s fund offering is appealing to crypto fund investors and managers, particularly as regulation continues to evolve, describing this as 'very exciting', positioning Gibraltar as one of the top jurisdictions of choice for crypto funds and other crypto businesses.