The financial regulator of spain has clarified its position on the investment fund of crypto-currencies. These types of funds are legal under the law 22-2014, and the investments can be performed through three legal measures.
Fund directly investing in digital currencies
The Spanish national Commission of the securities market (CNMV) has recently clarified its position on the registered fund investing directly in the crypto-currency. The CNMV is the agency of government of spain responsible for regulating the securities markets. In a form sent to companies in fintech on the activities and services that might have a link with the Commission, one of the questions was : “A fund registered by the CNMV, may it directly invest in the virtual currency ? “
Check out below the details of this new in English :
The law 22-2014 establishes, among others, undertakings for collective investment with fixed capital (EICC), investment funds with fixed capital (FICC) and investment companies with fixed capital (CISC). The CNMV has explained that investments may be made through the CISC, FICC or DART. For the latter, article 2.1 of the act stipulates that the policy of disinvestment of its partners or participants must meet two requirements.
About the CISC and FICC, they have their own requirements. For example, a BUSINESS registered with the CNMV must be managed by a management company of collective investment undertakings. The commission has also pointed out that the FICC and the CISC are not subject to the supervision of the CNMV.
Earlier this month, Europa Press reported that the CNMV will enforce its regulations on the securities in the crypto-currency until there is a european regulation. The approach adopted by the CNMV is to try to apply the devices existing on the securities as there are no international standards or european.
Source : NewsBitcoin