The mass adoption of crypto continues, and now, we’re addressing the latest move in Europe. It’s been just revealed that there’s a new law that will make about 4,000 existing institutional investment funds eligible to invest in cryptos.
The law comes into force starting July
Decrypt online publication noted that in Germany, new legislation is enabling managers of the most popular institutional investment funds—the so-called Spezialfonds—to allocate 20% of them to cryptos is set to come into force on July 1.
This move will boost the country’s position as a financial investment hub, and it will definitely help the crypto industry as a whole by legitimizing the digital assets even more.
“The addition of crypto assets in Spezialfonds is an important step for their acceptance,” German parliamentarian Frank Schäffler told Decrypt.
“Here, the law is going in the right direction, and we expressly welcome it,” he added.
The same online publication also noted that about 4,000 existing investment funds will now be eligible to invest in Bitcoin and other cryptos, Sven Hildebrandt, CEO of Germany-based Distributed Ledger Consulting (DLC), told Decrypt.
“This is damn huge,” Hildebrandt said.
About €1.2 trillion ($1.8 trillion) is invested into Spezialfonds, which have fixed investment conditions, and “right now, 0% of the funds are invested [in cryptocurrencies] because they’re just not allowed.”
Check out more details about the issue in the original article.
Bitcoin adoption explodes
We keep reporting all kinds of important moves that are boosting the adoption of Bitcoin and crypto.
The mainstream adoption of Bitcoin and crypto has been one of the main goals that the crypto industry has set, and the moves towards achieving this continue.
It’s been just revealed that the game publisher Nexon just bought $100 million worth of Bitcoin.
The company becomes the latest publicly traded firm that adds Bitcoin to its balance sheet.
The company announced on Wednesday that it had bought $100 million worth of BTC – this represents less than 2% of its total cash and cash equivalents.