Luxembourg’s financial regulator has, for the first time, clarified that Ucits funds may gain limited indirect exposure to crypto assets under defined conditions, marking a cautious shift in its regulatory approach.
The Commission de Surveillance du Secteur Financier (CSSF) now allows Ucits to invest indirectly in crypto assets for up to 10% of net asset value, provided the exposure is gained through eligible transferable securities and does not embed derivatives, according to updated guidance published on 4 February. The guidance also outlines expectations around custody, valuation, and anti-money laundering controls As per the CSSF, this indirect exposure must comply with existing Ucits ru