The European Securities and Markets Authority (ESMA) is consulting industry and experts on whether crypto assets should be included in investment products, a move that promises to open up a broader market for cryptocurrencies than the market size of spot bitcoin ETFs. The plan aims to expand the scope of UCITS (European Union Consolidated Investment Scheme for Transferable Securities), which is as large as 12 trillion euros. The move, if completed, will be a key step in the mainstreaming of crypto assets in Europe.
The ESMA consultation deadline is August 7, and approval remains to be seen. Andrea Pantaleo, a lawyer at DLA Piper, said the impact of the move would be far greater than that of U.S. ETFs, as many fund sectors could invest some of their liquidity in crypto assets.
The European Union is considering including cryptocurrencies in the investment market of 12 trillion euros, which may have a far greater impact than the US ETF
2024-05-09 06:47:27
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