Hong Kong passed the “Limited Partnership Fund Bill”, applicable to funds that invest in digital assets

According to Tencent Finance, the Legislative Council of the Hong Kong Special Administrative Region formally passed the Limited Partnership Fund Bill. The draft will take effect on August 31, 2020, introducing a new statutory framework-Limited Partnership Funds (LPF) for funds established in Hong Kong. The definition of “fund” in the Bill is quite broad, and LPF applies to funds that invest in digital assets (such as cryptocurrencies and virtual assets, etc.). The draft was published by the Hong Kong Legislative Council on March 20, 2020.