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By Francesco SEVERINO *
On 4 February 2026, the Commission de Surveillance du Secteur Financier (the “CCSF”) confirmed a significant development for Luxembourg’s investment fund industry by publishing a long-awaited FAQ on the treatment of crypto-assets in undertakings for collective investment (the “FAQ”).
The clarification marks a pivotal moment for portfolio construction in Luxembourg, reinforcing the country’s position as a forward-looking European fund domicile while aligning with the latest European regulatory guidance.
Historically, the CSSF has taken a cautious stance, considering crypto-assets not appropriate for all types of investors. However, the new FAQ introduces a more nuanced approach, confirming that UCITS...
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