Virtual Assets: CSSF Guidance And FAQs

FURTHER TO ITS RECENT COMMUNICATIONS ON FINANCIAL INNOVATION, THE CSSF HAS JUST PUBLISHED HIGHLY INTERESTING GUIDANCE ON VIRTUAL ASSETS WITH A FOCUS ON THE INVESTMENT FUND SECTOR

Further to its recent communications on financial innovation, the Commission de Surveillance du Secteur Financier (the « CSSF ») has just published highly interesting guidance on virtual assets with a focus on the investment fund sector.

In a nutshell, the CSSF stated that :

• UCITS and UCIs addressing non-professional investors and pension funds may not invest directly or indirectly in virtual assets ;
• AIFs marketing their units only to professional investors and having an authorised AIFM the authorisation of which extends to the strategy “Other-Other Fund Virtual assets” may invest directly and indirectly in virtual assets.