Spanish Regulator Open to Approving Funds Investing Directly in Cryptocurrencies

Spanish Regulator Open to Approving Funds Investing Directly in Cryptocurrencies

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.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Funds Directly Investing in Cryptocurrencies

Spanish Regulator Open to Approving Funds Investing Directly in CryptocurrenciesSpain’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.

EICC, FICC, or SICC

The CNMV explained that the investments could be made through EICC, FICC, or SICC.

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Spanish Regulator Open to Approving Funds Investing Directly in Cryptocurrencies
CNMV building.

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. For example, an FICC registered with the Commission must be “managed by a management company of closed-end type collective investment entities (SGEIC) or by a collective investment institution management company (SGIIC) that is authorized to manage this type of funds.” The Commission also noted that “the FICC and the SICC are not subject to the supervision of the CNMV (except [for] self-managed SICC)” based on the provisions of article 85 of Law 22/2014.

While registered funds can theoretically invest in cryptocurrencies directly, the Commission emphasized that there are many factors to consider, reiterating:

The investment of FICC and SICC in cryptocurrencies raises a series of practical problems on how to comply with the regulations regarding the valuation of assets, the management of liquidity and the custody guarantee.

European Regulation

Europa Press reported earlier this month that the CNMV “will apply [its] securities regulations to cryptocurrencies until there is European regulation.” The news outlet quoted CNMV’s general director of Strategic Policy and International Affairs, Víctor Rodríguez, saying:

The approach adopted by the CNMV is to try to apply the existing securities regulations as long as we do not have an international or European reference standard.

What do you think of the CNMV’s approach to cryptocurrencies? Let us know in the comments section below.


Images courtesy of Shutterstock, CNMV, and Wikipedia.


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Roger Ver and Ryan X. Charles Reveal the Future of Cash

Roger Ver and Ryan X. Charles Reveal the Future of Cash

Roger Ver and Ryan X. Charles Reveal the Future of Cash

The Four Seasons Hotel Hong Kong (香港四季酒店) in the city’s financial center is this week’s spot for Roger Ver’s weekly video update, a project started just about a month ago. He’s joined at the five-star retreat for the episode by Ryan X. Charles, CEO of Yours.org. The two men discussed their participation in an international conference and revealed an exciting future for decentralized, censorship resistant, cash.  

Also read: Alec Baldwin’s Lambo Movie Backed by Crypto Tech

Ver and Charles Make an Entertaining, Informative Pair

“Everybody’s been excited about ‘bcash’ for quite a while,” Roger Ver (CEO of Bitcoin.com) smiled and giggled with joy at the delicious irony. “So, it’s finally here everybody!” A very relaxed Mr. Ver has taken to making weekly videos, highlighting his work within the bitcoin cash community. He was prompted to laughter by Yours.org co-founder and CEO Ryan X. Charles, joining Mr. Ver for a one-off video recently. Both men were in the glow of Antiguan entrepreneur and Coin Geek owner Calvin Ayre’s latest Hong Kong conference. Overlooking Victoria Harbour, viewers soon notice there’s a third presence in the background. Turns out, the famous International Commerce Centre building in West Kowloon, all 1,587.9 feet of it, can be seen during its LED light show.

Roger Ver and Ryan X. Charles Reveal the Future of Cash

They were laughing at the name Purse.io chose for its latest product, bcash. When trolls wish to hector bitcoin cash supporters they often employ the name. Well, the two CEOs remarked gleefully, now the association has a real use case. It’s a fork of bcoin, a full node implementation, and both agreed they’d be employing the innovation. The Purse.io adventure parallels the ecosystem’s, as viewers come to find out. Mr. Charles prompts Mr. Ver into expanding on just why Mr. Ver was such a heavy proponent and user of the tech.

Mr. Ver explained how he used Purse.io for a great many business transactions, for nearly everything. When bitcoin core (BTC) fees became untenable for transactions, he left the service altogether, cashing out his remaining BTC for bitcoin cash (BCH). With Purse.io continuing to innovate and adapt, accepting BCH and offering a handy 15% discount on Amazon purchases, Mr. Ver happily encouraged viewers to return to the service. And indeed there does seem to be a resurgence in so-called micropayment tech, as more and more businesses transition to BCH.

Fast and Furious

Mr. Charles then raves about Openbazaar’s move into decentralized cryptocurrency exchange, a very big deal in the community. Traditional exchanges ask quite a lot of potential users, with frictions in onboarding and withdrawal, not to mention invasive personal questions. They’ve long gone against a basic aspect of crypto philosophy. Mr. Ver explained the store at Bitcoin.com will also sell its goods and services on Openbazzar.

Roger Ver and Ryan X. Charles Reveal the Future of Cash

Continuing on the micropayment innovations, both praised Mr. Charles’ latest project, the Money Button. The days-old tech is a spin on Yours.org’s BCH micropayment social media concept. Mr. Charles’ content providers asked for an API usable on their own proprietary websites; a money button, if you will, for the internet. The Yours.org CEO describes the Money Button as similar to pressing Like on Facebook. The prototype looks to be pretty amazing and transformative if the tech holds up: imagine every site surfed, readers and viewers had the ability to tip in fractions of BCH as a show of appreciation. Mr. Charles is careful to stress it is still not ready for large scale deployment, but he does want folks to give it a try over the next two months in the hopes of gaining feedback and working out bugs.

These are just some of the forward-looking subjects the two shared. Celebrating the ‘Pizza Anniversary,’ Marco Coino app, shout out to those protesting on behalf of a bitcoiner being charged for ridiculous crimes, more Lightning Network folly, decentralized crowdfunding through Lighthouse, Twitter censorship games, Memo.cash, Blockpress.com, and, of course, the 32MB Bitcoin Cash upgrade and OP codes. For those wishing to keep up with the ongoings of bitcoin cash, whose innovations are coming fast and furious, or are just curious about the digital currency. Roger Ver and Ryan X. Charles are arguably the best ambassadors around. No word if the two plan further collabs in the video sense, but Mr. Ver did stress future shows will include a displayed key which Bitcoin.com Wallet holders will be able to scan for free BCH!

Are you excited about BCH adoption and innovation? Let us know what you think of this subject in the comments below.


Images via Pixabay, Youtube.


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