Spanish Financial Regulator now allows citizens to invest directly in crypto. The financial regulator also said that these type of funds are under legal laws and investments can be made through three types of legal entities.
National Securities Market Commission has clarified the law for investment in crypto. The NSMC is a government agency responsible for regulating the security markets. In a questionnaire document of the commission, there was a question was “Can a fund registered by CNMV directly invest in cryptocurrency?”
This type of funds would have a legal place in Law 22/2014, which regulates, in addition to venture capital entities, other collective investment entities of closed type and their management entities.
What does Law 22/2014 say?
Law 22/2014 establishes, among others, closed-end collective investment entities (EICC), closed-end investment funds (FICC), and closed-end investment companies (SICC), Iclg describes.