Crypto News – Jupiter Asset Management, an asset management company with its headquarters in London, withdrew its investment in an exchange-traded instrument called XRP on Friday, citing compliance concerns.
Cancellation of the XRP ETP Investment: Jupiter Decides to Cancel After Self-Compliance Inspection
According to the news article, in the first half of 2023, Jupiter’s Ireland-based Gold & Silver fund invested $2.57 million in 21Shares’ Ripple XRP ETP. Following the discovery of the investment via the company’s standard oversight procedure, the compliance team directed the fund to sell its assets. As a result, $834 was lost, and Jupiter purportedly declared that it was recovered.
Due to the Irish authorities’ prohibition on cryptocurrency exposure in funds managed by UCITS transactions in Transferable Securities, the company reportedly terminated the ETP transaction. Up to 10% of UCITS funds’ portfolio may be made up of illiquid assets. On the other hand, different European regulators have different policies on the funds’ ability to invest in cryptocurrency-containing products. Before the Irish government declared that cryptocurrency investments were prohibited, Jupiter’s Gold & Silver fund had held cryptocurrency, according to the Financial Times.
Leave a comment