Asset Manager Jupiter’s Crypto Investment Scrapped by Compliance Team: FT

Jupiter Asset Administration (JUN), the London-listed agency with belongings beneath administration of over $65.8 billion, needed to scrap an funding in one of many crypto exchange-traded merchandise (ETP) because of a compliance subject, the FT reported on Friday.

Jupiter’s Gold & Silver fund had invested $2.58 million in 21Shares’ Ripple XRP ETP in the course of the first half of 2023. Nevertheless, the funding was flagged by the corporate’s “common oversight course of” and was later canceled at a lack of $834, based on the report.

The explanation for the cancellation is the divergent crypto regulation in Europe. Jupiter’s Gold & Silver fund is domiciled in Eire, the place crypto investments are prohibited for UCITS funds. Different European jurisdictions like Germany enable funding funds to carry crypto.

UCITS, or enterprise for collective funding in transferable securities, is a algorithm for funding funds laid out by the European Fee.

Jupiter’s crypto funding subject highlights the necessity for a unified crypto funding framework, whilst the beginning of spot crypto merchandise within the U.S. has fuelled the most recent bull run within the crypto markets.

Jupiter didn’t instantly reply to CoinDesk’s request for remark.

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