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By Quentin WERLÉ, Head of Portfolio Management, 6 Monks, Jean-Pierre GOMEZ, Head of Regulatory Public Affairs, SGSS Luxembourg Samuel BORALEVI-MERLE, Associate, Arendt Medernach
A door has been cautiously opened for crypto-assets in regulated funds. Until recently, exposure to crypto-assets was reserved for Alternative Investment Funds (AIFs) – vehicles designed for sophisticated, institutional or well-informed investors capable of absorbing significant risk. UCITS, the bedrock of European retail fund management, remained entirely off-limits: successive versions of the CSSF(1)’s FAQ on crypto-assets and collective investment vehicles maintained that UCITS could not obtain any exposure, direct or indirect, to crypto-assets.
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