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10 May 2021

'Damn Huge': Germany Opens Up to Institutional Crypto Funds - Decrypt

'Damn Huge': Germany Opens Up to Institutional Crypto Funds - Decrypt

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The measure has been hailed as a big boost to Germany’s position as a financial investment hub, and experts believe it will nurture the crypto industry as a whole by further legitimizing the asset class. .

It will apply to both existing Spezialfonds and to new ones set up by institutional investors such as financial institutions, insurance companies, and pension funds.

In all, around 4,000 existing investment funds will now be eligible to invest in Bitcoin and other crypto assets, Sven Hildebrandt, CEO of Germany-based Distributed Ledger Consulting (DLC) toldDecrypt. .

When the new regulations become law on July 1, if Spezialfonds (excluding those designed purely for physical assets—around a third) choose to place even a 1% fund allocation in crypto, the impact on the crypto industry would be enormous, he said.

“There is massive and rapidly growing demand from all sorts of investors who want to access crypto assets,” said Michael Geister, Iconic’s Head of Crypto ETPs, noting that the European market for crypto ETPs has grown to over $5 billion in assets under management “in a short period of time.”

If this “insane” interest bears out and all the eligible funds were to invest their full 20% allocation in Bitcoin, that would constitute around a third of the crypto asset class’s current market capitalization

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