Europe's first Bitcoin ETF is launched-a detour to bypass EU restrictions

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Von: Krypto News Österreich

Jacobi Asset Management plant, den ersten börsengehandelten Bitcoin-Fonds (ETF) in Europa auf den Markt zu bringen. Bisher hatten europäische Bitcoin-Investoren nur Zugang zu Exchange Traded Products (ETPs), die als Exchange Traded Note (ETN) oder Exchange Traded Commodity (ETC) strukturiert waren. Im Gegensatz zu den USA sind in der Europäischen Union grundsätzlich keine ETFs mit nur einem einzigen Basiswert möglich. Daher mussten europäische Investoren auf schuldrechtlich strukturierte ETPs zurückgreifen. Jacobi hat das Produkt in Guernsey registriert, das nicht zur EU gehört. Dadurch konnten die Regulierungsbehörden eine Genehmigung für den Fonds flexibler gestalten. David Crosland, Partner der Offshore-Anwaltskanzlei Carey Olsen, erklärte gegenüber …
Jacobi Asset Management plans to launch the first listed Bitcoin Fund (ETF) in Europe. So far, European Bitcoin investors have only access to Exchange Traded Products (ETPS), which were structured as Exchange Traded Note (ETN) or Exchange Traded Commodity (ETC). In contrast to the United States, no ETFs with just one underlying are possible in the European Union. Therefore, European investors had to fall back on ETPs structured. Jacobi has registered the product in Guernsey, which does not belong to the EU. As a result, the regulatory authorities were able to make approval for the fund more flexible. David Crosland, partner of the offshore law firm Carey Olsen, told ... (Symbolbild/KNAT)

Jacobi Asset Management plans to launch the first listed Bitcoin Fund (ETF) in Europe. So far, European Bitcoin investors have only access to Exchange Traded Products (ETPS), which were structured as Exchange Traded Note (ETN) or Exchange Traded Commodity (ETC). In contrast to the United States, no ETFs with just one underlying are possible in the European Union. Therefore, European investors had to fall back on a structured ETPs.

Jacobi has registered the product in Guernsey, which does not belong to the EU. As a result, the regulatory authorities were able to make approval for the fund more flexible. David Crosland, partner of the offshore law firm Carey Olsen, told Ignites Europe that Guernsey was able to act quickly as a specialized fund management area without the restrictions on EU membership and support the introduction of the fund.

In contrast to ETNS, the ETF of Jacobi cannot be levered or use derivatives to contain the risk. The introduction of the fund for July 2022 was originally planned, but was postponed by Terra Luna and FTX due to the turbulence. Jacobi stated to the Financial Times that market demand has shifted since last summer and that the company was now ready to launch the ETF this month.

In the USA, no Bitcoin-Spot ETF has yet been approved. However, several financial service providers, including the world's largest asset manager Blackrock, are trying to admit a admission from the US Workers' Authority (SEC). The increasing institutional interest in Bitcoin is considered a positive signal for the market. The industry hopes for a thrust through the approval of an ETF in the USA.

also the CEO of Blackrock, Larry Fink, commented positively about Bitcoin and described cryptocurrencies as digital gold. He emphasized that Bitcoin could be an international asset and that people can use it as an alternative. This shows how serious Blackrock and other financial companies mean with Bitcoin.

It remains to be seen when a Bitcoin spot ETFs will be approved in the United States. Until then, European investors can soon have the opportunity to participate in the performance of Bitcoin with the new Bitcoin ETF from Jacobi Asset Management. The market for cryptocurrencies continues to grow and institutional investors are increasingly recognizing the potential of Bitcoin as an investment class.