While the crypto market is still in its early stages, the number
of asset managers offering funds investing in cryptocurrencies and
companies using blockchain or distributed ledger technology
("DLT") is constantly growing. With few exceptions,
however, most of this growth is occurring outside the European
Union. This opens the question of whether regulation that
specifically addresses the new technology could change that. Other
jurisdictions, such as Switzerland, France, Gibraltar,
Liechtenstein, Malta, and the United States, have adopted laws that
promote the use of DLT or at least provide greater regulatory
clarity for the industry.
This Jones Day White Paper analyzes the current regulatory and
economic environment for crypto funds and provides an overview of
the general functioning of DLT, also touching upon its potential
impact on financial markets and infrastructures.
