CSSF refreshes crypto guidance for funds
The CSSF has updated its FAQ: Crypto-Assets – Undertakings for collective investment, formerly titled FAQ Virtual Assets – Undertakings for collective investment, to reflect changes following the entry into force of the EU’s Markets in Crypto-Assets Regulation.
The update provides clearer guidance on how Luxembourg domiciled funds can gain exposure to crypto-assets within existing regulatory frameworks.
Among the key clarifications, UCITS may gain indirect exposure to crypto-assets up to a maximum of 10% of net asset value.
AIFs open to retail investors, excluding well-informed investors, may also invest in crypto-assets up to 10% of net asset value.
A licence extension is required for AIFMs managing AIFs where crypto-asset exposure exceeds 10% of net asset value.
Revisions bring Luxembourg fund guidance into line with MiCA definitions and requirements, providing greater clarity for asset managers assessing how crypto-asset exposure can be incorporated into regulated fund structures.
Firms are advised to refer to the full FAQ document for further detail.