Investing Directly In Cryptocurrency, Spanish Regulators Open To Approving Funds

The position on regulated investment funds investing directly in cryptocurrencies has been clarified by the Spanish financial regulator. Under law 22/2014, these type of funds, as well as investments, can be made through three forms of legal entities.

Funds investing in cryptocurrency directly

Recently, clarifying its position on registered funds investing in cryptocurrencies directly is the Spanish National Securities Market Commission (CNMV-Comision Nacional del Mercado de Valores). Responsible for regulating the securities markets is the Spanish government agency the CNMV.
In an interview document issued to fintech companies on services and operations that can have a connection with the Commission, among the question asked was “can a fund registered by the CNMV directly invest in cryptocurrency?” The Commision responded:

This type of funds would have a legal place in law 22/2014, which regulates, in addition to ventures capital entities, other collective investment entities of closed type and their management entities.
Iclg describes that closed-end companies (SICC), closed-end investment funds (FICC) and closed-end collective investment entities, among others, are established by law 22/2014.


The capital injection could be made via SICC, EICC, or FIC, explained the CNMV. “the divestment of its participant or partners” must fall under two requirements which are mandated by the above law of Article 2.1, regarding EICC. The Commission explained that firstly the funds “disinvestments must occur simultaneously for all investors or participants” as reported by Secondly, according to the established terms in its bylaws or regulations for each class of shares or participation, based on the rights that correspond to each one of them is what is received by each investor or participant, as reported by

The CNMV noted that both SICC and FICC have their own “numerous requirements and conditions” as reported by A registered FICC with the Commission must be managed by a collective investment institution management company (SGIIC) that is authorized to manage this type of funds or by a management company of closed-ended type collective entities (SGEIC). Based on the provision of article 85 of law 22/2014, the commission also noted that “the FICC and SICC are not subjected to the supervision of the CNMV (except for self-managed SICC),” according to

The Commission stresses that there are many factors to consider while registering funds can theoretically invest in cryptocurrency directly, detailing:

“The investment of FICC and SICC in cryptocurrencies raises a series of practical problems on how to comply with the regulations regarding the valuation of assets, the management of liquidity and the custody guarantee,” according to


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