21Shares Urges EU to Change ”Inconsistent Crypto ETP Regulation”

21Shares, a cryptocurrency exchange-traded product (ETP) issuer, has announced that it will work to create clearer and more consistent rules for cryptocurrency regulation in the European Union.
On the 7th, 21Shares filed a petition with the European Securities and Markets Authority (ESMA) requesting that it impose restrictions on investment products such as exchange traded products (ETPs) and exchange traded funds (ETFs) targeted at retail investors.
The Fed called for adjusting regulations on UCITS (collective investment mechanisms in transferable securities) to allow them to include cryptocurrency assets in their offerings.
21Shares said: "Currently, regulations regarding the inclusion of crypto assets in these types of funds within the EU vary by country.
The report argues that Germany and Malta allow UCITS funds to hold virtual currencies, but not Luxembourg, which has led to confusion and inconsistency among investors.
Other countries, such as Belgium and Ireland, don't allow it, said Mandy Chu, head of product development at 21Shares.
"Current regulations are disparate, confusing and impede retail investors' access to digital assets," said Chiu.
"By providing consistent rules across Europe, ESMA can open up new opportunities for investors to diversify and strengthen their portfolios in a regulated environment."
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