Jupiter Asset Management Dumps $2.5 Million in XRP Investment Due to Regulatory Issues
The post Jupiter Asset Management Dumps $2.5 Million in XRP Investment Due to Regulatory Issues appeared first on Coinpedia Fintech News
London-based Jupiter Asset Management (JUN), with assets under management of over $65.8 billion, had to sell off a significant $2.58 million investment in Ripple’s XRP during the first half of 2023. One of the primary reasons was regulatory issues resulting in the cancellation of the investment.
Jupiter’s Crypto Investment Blocked
Jupiter’s compliance department blocked its investment team from holding a cryptocurrency exchange-traded product in one of its Irish Ucits funds, highlighting divergent regulatory approaches in the EU.
This news about Jupiter comes at a time when many investment managers want to include cryptocurrencies in their funds, but are unable to do so uniformly across the EU.
In the first half of 2023, Jupiter’s Gold & Silver fund invested $2.58 million in 21Share’s XRP. But during their regular checks, they got worried about it. So, they canceled the investment, losing $834 in the process.
Why Jupiter Stepped Back
The primary reason behind the abrupt cancellation lies in the divergent crypto regulations across Europe. Jupiter’s Gold & Silver fund, domiciled in Ireland, faced restrictions prohibiting crypto investments for UCITS funds.
Perhaps Jupiter’s situation shows why there’s a big need for a single set of rules covering crypto investments. This is especially crucial now, with the crypto market booming after the U.S. introduced new crypto products.
Regulatory Difference
While some EU countries like Germany allow more flexibility in crypto investments, evident in DWS’s Fintech fund incorporating an Ethereum exchange-traded note, Jupiter’s incident highlights the urgent necessity for a standardized regulatory approach across the EU.
Such regulatory disparities underline the challenges faced by fund managers navigating the complex landscape of cryptocurrency investments.
XRP Price Remains Stable
Despite Jupiter Asset Management’s withdrawal, the price of XRP has shown resilience. As of the latest update, XRP is trading at $0.574, reflecting a 3% increase over the past 24 hours.
This demonstrates that, despite challenges, the crypto market remains strong, underlining the importance of clear and consistent guidelines for a stable investment environment.
Jupiter Asset Management Dumps $2.5 Million in XRP Investment Due to Regulatory Issues
The post Jupiter Asset Management Dumps $2.5 Million in XRP Investment Due to Regulatory Issues appeared first on Coinpedia Fintech News
London-based Jupiter Asset Management (JUN), with assets under management of over $65.8 billion, had to sell off a significant $2.58 million investment in Ripple’s XRP during the first half of 2023. One of the primary reasons was regulatory issues resulting in the cancellation of the investment.
Jupiter’s Crypto Investment Blocked
Jupiter’s compliance department blocked its investment team from holding a cryptocurrency exchange-traded product in one of its Irish Ucits funds, highlighting divergent regulatory approaches in the EU.
This news about Jupiter comes at a time when many investment managers want to include cryptocurrencies in their funds, but are unable to do so uniformly across the EU.
In the first half of 2023, Jupiter’s Gold & Silver fund invested $2.58 million in 21Share’s XRP. But during their regular checks, they got worried about it. So, they canceled the investment, losing $834 in the process.
Why Jupiter Stepped Back
The primary reason behind the abrupt cancellation lies in the divergent crypto regulations across Europe. Jupiter’s Gold & Silver fund, domiciled in Ireland, faced restrictions prohibiting crypto investments for UCITS funds.
Perhaps Jupiter’s situation shows why there’s a big need for a single set of rules covering crypto investments. This is especially crucial now, with the crypto market booming after the U.S. introduced new crypto products.
Regulatory Difference
While some EU countries like Germany allow more flexibility in crypto investments, evident in DWS’s Fintech fund incorporating an Ethereum exchange-traded note, Jupiter’s incident highlights the urgent necessity for a standardized regulatory approach across the EU.
Such regulatory disparities underline the challenges faced by fund managers navigating the complex landscape of cryptocurrency investments.
XRP Price Remains Stable
Despite Jupiter Asset Management’s withdrawal, the price of XRP has shown resilience. As of the latest update, XRP is trading at $0.574, reflecting a 3% increase over the past 24 hours.
This demonstrates that, despite challenges, the crypto market remains strong, underlining the importance of clear and consistent guidelines for a stable investment environment.