#Spanish#Regulator Open to Approving #Funds#Investing Directly in #Cryptocurrencies
Spain’s financial regulator has clarified its position on regulated #investment funds investing directly in #cryptocurrencies. These type of funds are legal under Law 22/2014, and investments can be made through three types of legal entities.
Funds Directly Investing in Cryptocurrencies
Spain’s National Securities Market Commission (CNMV – Comisión Nacional del Mercado de Valores) recently clarified its position on registered funds investing in cryptocurrencies directly. The CNMV is the Spanish government agency responsible for regulating the securities markets.
In a Questions and Answers document addressed to fintech companies on activities and services that can have a relationship with the Commission, one of the questions was “Can a fund registered by the CNMV directly invest in cryptocurrencies?” The Commission replied:
This type of funds would have a legal place in Law 22/2014, which regulates, in addition to venture capital entities, other collective investment entities of closed type and their management entities.
Law 22/2014 establishes, among others, closed-end collective investment entities (EICC), closed-end investment funds (FICC), and closed-end investment companies (SICC), Iclg describes.
The CNMV explained that the investments could be made through EICC, FICC, or SICC.
For EICC, Article 2.1 of the above law mandates that “the divestment policy of its participants or partners” must meet two requirements. Firstly, the fund’s “disinvestments [must] occur simultaneously for all investors or participants,” the Commission detailed. Secondly, “what is received by each investor or participant is based on the rights that correspond to each one of them, according to the established terms in its bylaws or regulations for each class of shares or participations.” Both FICC and SICC have their own “numerous requirements and conditions,” the CNMV noted. #bitcoininfo#bitcoinnews#coin#altcoin#mining#blockchaincommunity#cryptonium#blockchainindia#cryptocoins#bitcoinfork#bitcoinsingapore#cryptozoospermia#cryptorave#bitcoinjapan#blockchaininvestors#cry
Um dos três cartazes que fiz e que estará disponível na Cryptorave 2017, o maior evento sobre criptografia e resistência na Internet da América Latina. Hoje, as 20h30 o evento começa com a keynote do produtor da CBS e colaborador da Wired, James Bamford sobre o caso Snowden e como as denúncias e os atos de espionagem de governos na web estão só começando.
Art for Cryptorave, a brazilian event about cryptography and internet resistance.