Jersey law firm Carey Olsen, together with Jersey fund administrator Oakbridge, have supported Singapore fund managers with their virtual asset focused investment strategies. They advised Phillip Street Partners on the launch of PSP Digital Macro Fund Limited, as well as Play Ventures, on the launch of the Play Future Fund Limited. Carey Olsen secured this type of business following KPMG’s analysis in 2021 that Jersey was the best domicile for Singapore-managed virtual asset funds.
KPMG stated that the neutrality of Jersey’s tax system together with its robust regulatory system creates an excellent environment within which to establish virtual asset holding structures. From a tax perspective, KPMG has found the Island to be particularly attractive to fund managers based in Singapore and Hong Kong, where the existence of a full double tax treaty with Jersey has helped to strengthen the global tax analysis applied to the fund manager. Working in partnership with other Jersey-based service providers, KPMG has supported Play Ventures, DeFiance Capital and a number of other Singapore-based fund managers on the establishment of virtual asset fund structures within the Island – delivering tax advice that addresses the tax position in each relevant jurisdiction and the interaction between those jurisdictions.
Read more about Jersey as a Jurisdiction for Securitising Real-World Assets.
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