1. ESMA FAQ on AIFMD: investment in crypto-assets
In the November 2021 update of its
FAQ on AIFMD, ESMA answered the question of whether the
managers of undertakings investing in crypto-assets are subject to
AIMFD.
In its analysis, ESMA recalls the importance (i) of assessing on
a case-by-case basis the conditions to be fulfilled in order to
qualify as an 'AIF' and (ii) of considering the guidance
provided by ESMA in the Guidelines on key concepts of the AIFMD (
ESMA/2013/611).
On that basis, ESMA states that (i) collective investment
undertakings which (ii) raise capital (iii) from a number of
investors to invest in crypto-assets (iv) in accordance with a
defined investment policy for the benefit of those investors, will
qualify as 'AIF' and as the AIFMD does not provide for a
list of eligible or non-eligible assets, AIFs may in principle
invest in any traditional or alternative assets (i.e. including in
crypto-assets).
