Hong Kong financial regulator approves world’s first cryptocurrency index fund for institutional investors. The Hong Kong Securities and Futures Commission (SFC) has previously issued licences to cryptocurrency asset managers. However, Arrano Capital, a division of venture company Venture Smart Asia, is the first company to receive approval for managing the first regulated bitcoin fund. An index fund is a type of mutual fund that allows investors to track the index components of a financial market. In the first year, Arrano hopes to raise US$100 million by tracking bitcoin prices.