The Spanish financial regulator announced an unprecedented measure to approve institutional investors to make such business decisions, thereby alleviating the entity’s tough stance on cryptocurrencies. The National Securities Market Commission (CNMV) has published guidelines for approving institutional crypto investments under certain conditions.
Fund managers should specify the “high risk” of encryption in marketing resources
According to The Economist, this set of guidelines allows Spanish-based investment funds and collective investment schemes (sicavs) to trade virtual assets on a daily basis, but “market prices are determined by third-party sales operations” parties. “
So-called collective investment institutions (IIC) are not allowed to allocate funds to derivatives and securities, such as exchange-traded commodities or exchange-traded bills powered by cryptocurrencies.
In addition, the guidelines also stipulate that fund managers under the regulations should always provide appropriate and clear warnings in their marketing resources to protect consumers.
Although the Spanish financial regulator issued a new ruling, as of press time, no domestic fund manager has declared that the investment in the virtual currency field belongs to the designated category.
However, companies like Blackstone Spain have begun to get involved and have opened up the possibility of exposing their funds to digital assets. El Economista said that despite this, high volatility still makes Spanish companies reluctant to make full exposure.
Cryptocurrency reputation between the Spanish government and regulators
Considering the stricter background of the government and regulators’ comments on cryptocurrencies, the warning issued by CNMV is not surprising.
As Bitcoin.com News reported in February, Spain’s Minister of Economy, Ana de la Cueva, said that cryptocurrencies such as Bitcoin (BTC) have a “risk of default because the user did not provide traditional Payment system to prevent the counterparty from defaulting.”
Recently, CNMV President Rodrigo Buenaventura stated that his opposition to “Bitcoin-related street advertising” is firmly opposed.
What is your opinion on the guidelines issued by CNMV? Let us know in the comments section below.
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