Canal Bank SA, an entity regulated and supervised by the Superintendence of Banks of Panama (SBP), and BELOBABA Fund, an investment fund regulated by the Gibraltar Financial Services Commission (GFSC), accredited and with regulated operations in the USA, sign an agreement of colaboration. This was announced to Cointelegraph in Spanish through a statement.
BELOBABA will start its activities in Latin America, establishing itself in Panama as the control center of its expansion and with Canal Bank as a strategic partner which will act as custodian of the fund in the first phase.
The investment service will offer specialized investors the opportunity to expose themselves to a new economic sector that has resurfaced thanks to blockchain technology, a market in full expansion that It is estimated that it will go from the current trillion dollars to a business volume of 23 trillion dollars in 2030supported by the future implementation of digital currencies issued by the main central banks of the world.
“BELOBABA is a pioneer hedge fund in implementing blockchain technology to tokenize an investment fund, issuing a Security Token called: Token KHAN, as a representation of the investor’s participation in the fund, which is regulated by the GFSC (Gibraltar Financial Service). Commission) and the KHAN USA token, issued under regulation D of the Securities and Exchange Commission (SEC), for investors from the United States”, they report in the statement.
The fund is characterized by investing in digital assets with active management, optimizing results in rising markets and containing those results when the market changes trend.
Panama, through Bill No. 697 of 2022, is one of the countries in the world that is in the process of developing a regulatory framework that establishes a responsible environment in the management of digital assets. That is why BELOBABA and Canal Bank took a strategic step for both institutions, which could be consolidated in a second phase to position both institutions as benchmarks in the banking sector and the new opportunities for business initiatives offered by the Web3 industry. regulated.
Both institutions say they are convinced that the agreement is a great example of “future initiatives” and at the same time a great line of establishing collaboration between traditional banking and new financial trends, always based on strict regulatory compliance in all required areas.
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