Since the Fund Location Act came into force in the summer of 2021, special funds with fixed investment conditions pursuant to Section 284 KAGB can invest directly in crypto assets under certain conditions. These include, in particular, those digital assets that are also commonly referred to as "cryptocurrencies", for example Bitcoin and Ethereum. They are not financial instruments as defined by the Markets in Financial Instruments Directive (MiFID) and the German Securities Trading Act (WpHG). Mutual funds can also invest indirectly in crypto assets by acquiring financial instruments that track the performance of the underlying crypto asset.
The acquisition of crypto assets currently raises many practical issues for KVGs. Therefore, members have drafted a guide addressing selected issues.
BVI Crypto Guide (available in German only)