Superstack, a crypto investment firm, has received authorisation from the Gibraltar Financial Services Commission to operate a regulated crypto fund in the jurisdiction.
Superstack is a newly established crypto fund, founded by London based Jesse Burgess and Klaus De Macedo in 2020. Superstack's investment strategy will see the fund take positions in various digital assets and will operate as a collective investment scheme, which means that investors can gain exposure to digital assets without owning it outright. The fund will invest in a variety of crypto and blockchain-related assets (including cryptocurrencies, stable coins, and tokens) through a combination of non-automated strategies, which will include active trading, project investment and staking.
Superstack is the latest fund to choose to domicile in Gibraltar, as the jurisdiction continues to attract business from across the world. Recent changes to funds legislation in Gibraltar has helped The Rock tempt business away from competitors in recent months.
Announced on March 30, 2022, as part of the Government of Gibraltar's ongoing review of the funds industry to ensure its modernity and competitiveness, new legislation has been introduced which will allow alternative investment funds (AIFs) to opt-out of the Alternative Investment Fund Managers Directive (AIFMD) framework established by the EU and applicable in Gibraltar, notwithstanding Gibraltar's exit from the EU. The new regime removes unnecessary regulatory hurdles and establishes a framework that will enable funds to continue to grow and flourish within a framework that complies with international standards, as well as enhancing and strengthening Gibraltar's Experienced Investor Fund legislation.
Jonathan Garcia, Partner at ISOLAS, said: "We are delighted to have advised Superstack through their successful application process and it is great to welcome another fund to Gibraltar. In choosing to domicile in Gibraltar, Superstack will benefit from Gibraltar's progressive 'right touch not light touch' regulatory environment, that has seen us become the 3rd highest choice for crypto hedge funds, only behind the US and Cayman, based on the report published by PwC and Elwood Asset Management in 2021, examining the global crypto hedge fund landscape. Thanks to our new dual fund regime that allows alternative investment funds (AIFs) to opt-out of the AIFMD framework we hope to be able to guide even more funds through the process of domiciling in Gibraltar."
Jesse Burgess and Klaus De Macedo, Superstack Co-founders, said: "When choosing the domicile for our new fund, it didn't take long before we were drawn to Gibraltar. We are looking forward to benefiting from Gibraltar's attractive business environment and tax system, as well as the new dual regime for funds, and the jurisdiction's rich DLT expertise. Working with Jonathan and the ISOLAS team made the process of establishing our crypto fund straightforward, and we look forward to working together in the future."