{"id":12431,"date":"2024-02-16T10:30:13","date_gmt":"2024-02-16T10:30:13","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=12431"},"modified":"2024-02-16T09:44:47","modified_gmt":"2024-02-16T09:44:47","slug":"jupiter-compliance-team-etp-decisions","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/jupiter-compliance-team-etp-decisions\/","title":{"rendered":"ETP Decisions from Jupiter&#8217;s Compliance Team"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/jupiter-compliance-team-etp-decisions\/#What_is_ETP_in_Short\" title=\"What is ETP in Short?\">What is ETP in Short?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/jupiter-compliance-team-etp-decisions\/#Jupiters_ETP_Decision\" title=\"Jupiter\u2019s ETP Decision\">Jupiter\u2019s ETP Decision<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/jupiter-compliance-team-etp-decisions\/#Is_Europes_Attitude_to_Crypto_Changing\" title=\"Is Europe&#8217;s Attitude to Crypto Changing?\">Is Europe&#8217;s Attitude to Crypto Changing?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_ETP_in_Short\"><\/span><span style=\"font-size: 75%; color: #333333;\">What is ETP in Short?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>There are over one hundred crypto ETPs and ETFs. An ETP is a category of investment tools usually backed by an asset like gold, commodities, or cryptocurrency. For example, Fidelity Physical Bitcoin (FBTC) and 21Shares Bitcoin (ABTC) are crypto ETPs.<\/p>\n<blockquote><p><strong>You will be interested in this article: <a href=\"https:\/\/coinengineer.net\/blog\/latest-on-bitcoin-and-cryptocurrencies-february-16\/\" target=\"_blank\" rel=\"noopener\">The latest in Bitcoin and Cryptocurrencies! &#8211; 16 February<\/a><\/strong><\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Jupiters_ETP_Decision\"><\/span><span style=\"font-size: 75%;\">Jupiter\u2019s ETP Decision<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Jupiter\u2019s Compliance Department blocked the investment team from holding a product traded on a cryptocurrency exchange in an Ireland-based Ucits fund. This decision once again highlighted the conflict between regulatory authorities in different countries of the EU. While Ireland does not permit crypto investments in Ucits funds, Germany\u2019s regulatory body sometimes takes a more flexible approach.<\/p>\n<p>Jupiter&#8217;s investment team for the 565 million euro gold and silver fund bought the Ripple XRP ETP for $2,571,504 in the first half of 2023. However, uncertainties in the EU\u2019s approach to crypto assets continue to limit investment firms\u2019 activities in this area.<\/p>\n<p>Jupiter&#8217;s compliance team cancelled the crypto ETP investment, highlighting the divergent regulatory approaches in the EU.<\/p>\n<p>Jupiter&#8217;s Compliance Department blocked the holding of a product traded on a cryptocurrency exchange in an Ireland-based Ucits fund. This situation emphasized the inconsistencies among regulatory authorities in different countries of the EU. While Ireland does not allow crypto investments in Ucits funds, Germany&#8217;s regulatory body sometimes showcases a more flexible approach.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Europes_Attitude_to_Crypto_Changing\"><\/span><span style=\"font-size: 85%;\">Is Europe&#8217;s Attitude to Crypto Changing?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Ned Naylor-Leyland, Chris Mahoney, and Joe Lunn, the managers of Jupiter\u2019s Gold and Silver fund, sold Ripple XRP ETP for $2,570,670 in the first half of 2023. This transaction took place before regulatory authorities in Ireland clarified their position on crypto assets.<\/p>\n<p>Ucits funds can invest in non-liquid assets up to a certain percentage of their portfolios, but EU regulators disagree on whether they should include ETPs holding cryptocurrency. Regulators in Ireland and France prefer to prevent Ucits funds from investing in crypto assets. The situation is slightly different in Germany; Ucits funds cannot directly invest in crypto assets. However, they have permission to invest in crypto ETPs as long as they reflect the underlying asset one-for-one.<\/p>\n<p>DWS\u2019s 24 million euro Fintech fund has been in VanEck Ethereum ETN since late 2022. This fund makes up 0.35% of the Ucits fund\u2019s portfolio. Daniela Gombert, the manager of the Germany-based Fintech fund, also manages other funds of DWS. DWS stated that it has a &#8220;select number&#8221; of multi-asset funds that are able to invest in cryptocurrencies. However, none of them are currently investing in cryptocurrencies.<\/p>\n<p>Thomas Sch\u00fcssler, DWS&#8217;s co-head of global equities, recently stated that cryptocurrency is &#8220;like a risky gold&#8221; and has a low correlation with other assets. Sch\u00fcssler pointed out that cryptocurrency could make a significant difference in fund performance but emphasized that it should only be purchased in specific scenarios. These statements come at a time when interest in cryptocurrencies is increasing, and investors are trying to determine their strategies for coping with this new asset class.<\/p>\n<p>On the other hand, UK-based asset manager Ruffer used its Guernsey-based closed-end fund, the Ruffer Investment Company, to make a surprise investment in Bitcoin in 2020. Ruffer sees Bitcoin as a &#8220;small but potent insurance policy&#8221; and stated this was primarily a defensive move. This situation shows that interest in cryptocurrencies is increasing at the institutional level, stepping outside traditional asset management strategies.<\/p>\n<p>The European Commission last year instructed the European market observer to review the directive of Ucits compatible assets to evaluate possible changes in asset classes exposed to funds, including crypto assets. This move could be seen as a step toward opening more space for cryptocurrencies in Europe&#8217;s financial regulations, highlighting that the position of cryptocurrencies within the traditional financial system is becoming increasingly important.<\/p>\n<hr \/>\n<p data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram<\/strong>,\u00a0<\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube,<\/strong><\/a>\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is ETP in Short? There are over one hundred crypto ETPs and ETFs. An ETP is a category of investment tools usually backed by an asset like gold, commodities, or cryptocurrency. For example, Fidelity Physical Bitcoin (FBTC) and 21Shares Bitcoin (ABTC) are crypto ETPs. You will be interested in this article: The latest in<\/p>\n","protected":false},"author":1,"featured_media":12430,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[4415,4413,393,4109,4416,2993,4414],"class_list":["post-12431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-21shares-bitcoin-abtc","tag-chris-mahoney","tag-crypto","tag-etp","tag-fidelity-physical-bitcoin","tag-jupiter","tag-vaneck-ethereum-etn"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ETP Decisions from Jupiter&#039;s Compliance Team - Coin Engineer<\/title>\n<meta name=\"description\" content=\"ETP is a category of investment tools usually backed by an asset like gold or cryptocurrency. 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