{"id":21756,"date":"2018-05-12T10:00:17","date_gmt":"2018-05-12T08:00:17","guid":{"rendered":"https:\/\/www.in-diem.com\/cryptocurrency-and-investment-funds-registered-with-the-cnmv\/"},"modified":"2026-08-12T16:07:43","modified_gmt":"2026-08-12T14:07:43","slug":"cryptocurrency-and-investment-funds-registered-with-the-cnmv","status":"publish","type":"post","link":"https:\/\/www.in-diem.com\/en\/cryptocurrency-and-investment-funds-registered-with-the-cnmv\/","title":{"rendered":"Cryptocurrency and Investment Funds registered with the CNMV"},"content":{"rendered":"<div class=\"vgblk-rw-wrapper limit-wrapper\">\n<h2 class=\"wp-block-heading\"><strong>Cryptocurrency and Funds Registered with the CNMV<\/strong><\/h2>\n\n<p class=\"wp-block-paragraph\">On May 9, 2018, the CNMV, as part of its series<em> \u201cQuestions and Answers for Companies in the FinTech Sector,\u201d<\/em> raised the possibility of establishing a fund that invests directly in cryptocurrencies.<\/p>\n\n<p class=\"wp-block-paragraph\">All of this is directly related to the <strong><a href=\"https:\/\/www.bde.es\/f\/webbde\/GAP\/Secciones\/SalaPrensa\/NotasInformativas\/18\/presbe2018_07.pdf\">Joint Communication from the CNMV and the Bank of Spain, dated February 8, 2018,<\/a><\/strong> which warned of the following regarding cryptocurrencies and funds:<\/p>\n\n<blockquote style=\"border-left: 4px solid #0A3151; padding: 14px 18px; margin: 24px 0; background: #f7f9fb; color: #333333;\">\n<p>The CNMV and the Bank of Spain caution that, to date, no \u201ccryptocurrency\u201d issuance or ICO has been registered, authorized, or verified by any regulatory body in Spain.<\/p>\n\n<p>This means that there are no \u201ccryptocurrencies\u201d or \u201ctokens\u201d issued in ICOs whose purchase or ownership in Spain would be covered by any of the guarantees or protections provided for in the regulations governing banking or investment products.<\/p>\n<\/blockquote>\n\n<p class=\"wp-block-paragraph\">In this regard, while emphasizing the CNMV&#8217;s concern over this phenomenon of investment in virtual currencies, it is noted that these types of funds are viable through a Closed-ended Collective Investment Entity (EICC). This implies, on the one hand, compliance with a series of requirements and, on the other, practical problems regarding regulatory compliance in relation to asset valuation (due to volatility), as well as liquidity management and custody guarantees.<\/p>\n\n<h2 class=\"wp-block-heading\"><strong>The CNMV: Establishment of Registered Funds Investing in Cryptocurrency<\/strong><\/h2>\n\n<p class=\"wp-block-paragraph\">We are sharing the response published by the CNMV because it is of great interest:<\/p>\n\n<blockquote style=\"border-left: 4px solid #0A3151; padding: 14px 18px; margin: 24px 0; background: #f7f9fb; color: #333333;\">\n\n<p>These types of funds would be legally permitted under Law 22\/2014, which regulates not only venture capital entities but also other closed-end collective investment entities and their management companies.<\/p>\n\n<p>Investment could be carried out through a Closed-ended Collective Investment Entity (EICC) in which, according to Article 2.1 of Law 22\/2014, the divestment policy for its participants or partners must meet the following requirements:<\/p>\n\n<ul>\n<li>Divestitures must occur simultaneously for all investors or participants.<\/li>\n<li>The amount received by each investor or unitholder shall be based on the rights corresponding to each of them, in accordance with the terms set forth in the articles of incorporation or bylaws for each class of shares or units.<\/li>\n<\/ul>\n\n<p>The establishment of these types of entities, which may take the form of funds (FICC) or corporations (SICC), is subject to numerous requirements and conditions, including the restriction that shares or interests in these entities may be sold only to professional investors, as defined in Articles 205 and 206 of the Consolidated Text of the Securities Market Law.<\/p>\n\n<p>In addition to being registered with the CNMV in accordance with Article 8 of Law 22\/2014, FICCs must be managed either by a Closed-End Collective Investment Entity Management Company (SGEIC), or by a Collective Investment Institution Management Company (SGIIC) authorized to manage this type of fund, or by an international SGIIC that holds a European passport to operate in Spain and is authorized to manage a closed-end investment fund. FICCs do not have a minimum net asset value requirement for their formation, in accordance with Article 38.2 of Law 22\/2014. <\/p>\n\n<p>SGEICs must have a minimum initial share capital of \u20ac125,000, fully paid in. Likewise, one might consider the option of using self-managed SICCs, as defined in Articles 45 et seq. of Law 22\/2014, which, pursuant to Article 48.1, require a minimum initial fully paid-in share capital of \u20ac300,000. <\/p>\n\n<p>It should be noted that, pursuant to Article 85 of Law 22\/2014, FICCs and SICCs are not subject to supervision by the CNMV, with the exception of self-managed SICCs.<\/p>\n\n<p>However, despite the theoretical fit within this framework, FICC and SICC investments in cryptocurrencies raise a number of practical issues regarding compliance with regulations related to asset valuation, liquidity management, and custody guarantees. Regarding asset valuation, it would be necessary to determine the procedure to be used for valuing cryptocurrencies, taking into account their volatility, fragmentation, and the lack of regulation in the underlying cryptocurrency market. With regard to liquidity, it would be necessary to establish how liquidity will be managed and how liquidity risk will be controlled in order to ensure that the fund can meet its obligations related to any leverage it may have incurred. It is also necessary to analyze how the custody of this class of assets will be ensured\u2014for example, how software validation, key custody, and cyberattack risk management will be handled.   <\/p>\n\n<p>Specifically, with regard to the practical difficulty of properly safeguarding assets\u2014and given that virtual currency transactions can, in some cases, be conducted anonymously and without proper customer identification\u2014the reporting obligations for the prevention of money laundering should be taken into account. It would be advisable to contact SEPBLAC to determine whether the EICC is required to comply with any of the reporting obligations set forth in Law 10\/2010 on the Prevention of Money Laundering and Terrorist Financing. <\/p>\n\n<p>The CNMV is monitoring the rise in investment in virtual currencies with concern regarding the potential risks this investment may pose to investor protection\u2014particularly for retail investors\u2014and to the stability and integrity of the markets.<\/p>\n\n<\/blockquote>\n\n<p class=\"wp-block-paragraph\"><strong>The aforementioned text can be consulted in full under <a href=\"http:\/\/cnmv.es\/docportal\/Legislacion\/FAQ\/QAsFinTech.pdf\">CNMV Legislation<\/a>.<\/strong><\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Background on the CNMV&#8217;s 2018 Guidelines<\/strong><\/h3>\n\n<p class=\"wp-block-paragraph\">In 2018, investment in <strong>cryptocurrencies<\/strong> began to raise significant questions for regulators, managers, and investors. One of the main issues was whether a collective investment vehicle with direct exposure to virtual currencies could be established, and under what conditions it could fit within the existing regulatory framework. <\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Practical issues identified by the CNMV<\/strong><\/h3>\n\n<p class=\"wp-block-paragraph\">The guidelines in question highlighted several practical issues: <strong>asset valuation<\/strong>, <strong>liquidity<\/strong> management, the safekeeping of keys or virtual currencies, and risks related to <strong>anti-money laundering<\/strong>.<\/p>\n\n<p class=\"wp-block-paragraph\">These factors were particularly significant given the volatility of cryptocurrencies, market fragmentation, the lack of specific regulation of the underlying market, and the technical challenges associated with the secure custody of digital assets.<\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<div class=\"indiem-faqs\"><style>.indiem-faqs {\n      width: 100%;\n      max-width: 900px;\n      margin: 28px auto;\n      box-sizing: border-box;\n      font-family: inherit;\n    }\n\n```\n.indiem-faqs * {\n  box-sizing: border-box;\n}\n\n.indiem-faqs-title {\n  margin: 0 0 16px 0;\n  color: #0A3151;\n  font-size: 24px;\n  line-height: 1.3;\n  font-weight: 700;\n}\n\n.indiem-faq-item {\n  margin-bottom: 10px;\n  border: 1px solid #E6E6E6;\n  border-radius: 12px;\n  background: #ffffff;\n  overflow: hidden;\n}\n\n.indiem-faq-item summary {\n  cursor: pointer;\n  padding: 15px 18px;\n  color: #0A3151;\n  font-size: 15px;\n  line-height: 1.4;\n  font-weight: 700;\n  background: #F8FAFC;\n  list-style: none;\n}\n\n.indiem-faq-item summary::-webkit-details-marker {\n  display: none;\n}\n\n.indiem-faq-item summary::after {\n  content: \"+\";\n  float: right;\n  color: #33B4D6;\n  font-size: 20px;\n  line-height: 1;\n  font-weight: 700;\n}\n\n.indiem-faq-item[open] summary::after {\n  content: \"\u2013\";\n}\n\n.indiem-faq-content {\n  padding: 14px 18px 16px 18px;\n  border-top: 1px solid #E6E6E6;\n  color: #333333;\n  font-size: 14px;\n  line-height: 1.55;\n}\n\n.indiem-faq-content p {\n  margin: 0;\n}\n\n@media (max-width: 520px) {\n  .indiem-faqs-title {\n    font-size: 21px;\n  }\n\n  .indiem-faq-item summary {\n    font-size: 14px;\n    padding: 14px 15px;\n  }\n\n  .indiem-faq-content {\n    font-size: 13px;\n    padding: 13px 15px 15px 15px;\n  }\n}\n```\n\n  <\/style><h2 class=\"indiem-faqs-title\">Preguntas frecuentes sobre criptomonedas y fondos de inversi\u00f3n<\/h2><details class=\"indiem-faq-item\" open=\"\"><summary>\u00bfPod\u00edan los fondos registrados en la CNMV invertir directamente en criptomonedas?<\/summary><div class=\"indiem-faq-content\"><p>El art\u00edculo comenta una respuesta de la CNMV publicada en 2018 sobre la posible inversi\u00f3n directa en criptomonedas a trav\u00e9s de determinadas entidades de inversi\u00f3n colectiva de tipo cerrado. Su inter\u00e9s principal es hist\u00f3rico y t\u00e9cnico, porque refleja el an\u00e1lisis existente en aquel momento.<\/p><\/div><\/details><details class=\"indiem-faq-item\"><summary>\u00bfQu\u00e9 son las EICC, FICC y SICC?<\/summary><div class=\"indiem-faq-content\"><p>Las Entidades de Inversi\u00f3n Colectiva de tipo Cerrado pueden adoptar la forma de fondos, conocidos como FICC, o de sociedades, conocidas como SICC. En el art\u00edculo se analiza su posible encaje para canalizar inversiones en criptomonedas conforme al marco jur\u00eddico examinado en 2018.<\/p><\/div><\/details><details class=\"indiem-faq-item\"><summary>\u00bfQu\u00e9 problemas pr\u00e1cticos advert\u00eda la CNMV?<\/summary><div class=\"indiem-faq-content\"><p>La CNMV se\u00f1alaba problemas relacionados con la valoraci\u00f3n de los activos, la gesti\u00f3n de la liquidez, la custodia de las claves o monedas virtuales, el riesgo de ciberataque y las obligaciones vinculadas a la prevenci\u00f3n del blanqueo de capitales.<\/p><\/div><\/details><details class=\"indiem-faq-item\"><summary>\u00bfEste art\u00edculo refleja la normativa vigente sobre fondos y criptoactivos?<\/summary><div class=\"indiem-faq-content\"><p>No de forma completa. Este art\u00edculo fue publicado en mayo de 2018 y debe leerse como una referencia hist\u00f3rica sobre los primeros an\u00e1lisis regulatorios en materia de criptomonedas, fondos y supervisi\u00f3n financiera. Para valorar una estructura actual de inversi\u00f3n o veh\u00edculo vinculado a criptoactivos, es necesario revisar la normativa vigente y el caso concreto.<\/p><\/div><\/details><\/div>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<h2 class=\"wp-block-heading\"><strong>Lawyers Specializing in Cryptocurrencies at IN DIEM<\/strong><\/h2>\n\n<p class=\"wp-block-paragraph\">The <strong>IN DIEM Abogados<\/strong> department specializing in <strong>Cryptocurrencies and Bitcoin<\/strong> has extensive experience and a high level of knowledge in New Technologies and Cryptocurrencies. We operate and advise not only in relation to the virtual currency <strong>Bitcoin<\/strong> but also with all existing cryptocurrencies, including: <strong>Ethereum<\/strong>, <strong>Ripple<\/strong>, <strong>Litecoin<\/strong>, <strong>Dash<\/strong>&#8230; as well as Cryptocurrency and Funds, and <strong>ICO<\/strong> (Initial Coin Offering) investments, offering our clients the appropriate operational strategy and necessary advice for their operations and investments.<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>IN DIEM\u2019s highly <\/strong>specialized <strong>Law and Cryptocurrency Practice, <\/strong>comprised of a <strong>multidisciplinary team<\/strong> of <strong>IT<\/strong> <strong>specialists<\/strong>, <strong>financial<\/strong> <strong>experts<\/strong>, and <strong>attorneys,<\/strong> will provide secure support for the development of your operations and investments; providing technical and operational resources to analyze potential investments and transactions, assist with mining operations, or implement regulatory and legal compliance frameworks.<\/p>\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading has-text-color\" style=\"color:#0029a4\"><strong>Did you know that Abogados IN DIEM offers online and expedited services?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">We offer our clients the option of receiving assistance via video call or videoconference, as well as by phone, depending on their preference, so that the assistance is as personalized as possible, provided immediately, and without the need to travel. This service is complemented by communication via email, which facilitates the review and delivery of documentation. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, for businesses and individuals, IN DIEM Abogados offers urgent services and 24-hour support for matters that require a quick response.<\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-text-color has-background has-link-color has-custom-font-size wp-element-button\" href=\"https:\/\/www.in-diem.com\/en\/online-lawyers-in-diem\/\" style=\"background-color:#33c0d6;font-size:15px\"><strong>Online Legal Advice<\/strong><\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-fill\"><a class=\"wp-block-button__link has-white-color has-text-color has-background has-link-color has-custom-font-size wp-element-button\" href=\"https:\/\/www.in-diem.com\/en\/24-horas\/\" style=\"background-color:#33c0d6;font-size:15px\"><strong>24-Hour Service and Urgent Requests<\/strong><\/a><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading has-text-color\" style=\"color:#0029a4\">Would you like to know more about IN DIEM Abogados? Here is this short introductory video&#8230; <\/h2>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"In Diem Abogados Sevilla\" width=\"1280\" height=\"720\" src=\"https:\/\/www.youtube.com\/embed\/wQFpoA1gOfQ?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"has-text-color wp-block-paragraph\" style=\"color:#0029a4\">To acknowledge some of you, here&#8217;s this <a href=\"https:\/\/www.proveedores.com\/proveedores\/abogados-in-diem-asesoramiento-personal-y-online-especializado\/\"><strong>link<\/strong><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can find us in Seville, Madrid, Las Palmas de Gran Canaria, M\u00e1laga, Tomares, Coria del R\u00edo, Dos Hermanas, Mairena del Alcor, Estepona, Marbella, and Mairena del Aljarafe. We look forward to serving you. <\/p>\n<\/div><\/div>\n<\/div><\/div>\n<\/div><!-- .vgblk-rw-wrapper -->","protected":false},"excerpt":{"rendered":"<p>Analysis of the guidelines published by the CNMV in 2018 regarding the possibility of establishing closed-end funds or collective investment entities with direct exposure to cryptocurrencies, highlighting the practical challenges related to valuation, liquidity, custody, volatility, and anti-money laundering.<\/p>\n","protected":false},"author":2,"featured_media":21758,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_joinchat":[],"footnotes":""},"categories":[4269],"tags":[4267,5339,1427,5338,5337,5348,4436,1361,1437,5347,5340,5341,4684,2015,5343,5344,5034,5346,5345,5342,1435],"class_list":["post-21756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","tag-anti-money-laundering","tag-closed-end-collective-investment-entity","tag-cnmv","tag-cnmv-registered-funds","tag-crypto-funds","tag-crypto-liquidity","tag-cryptoasset-custody","tag-cryptocurrencies","tag-cryptocurrency-investment","tag-cryptocurrency-valuation","tag-eicc","tag-ficc","tag-financial-law","tag-ico","tag-law-22-2014","tag-professional-investors","tag-sepblac","tag-sgeic","tag-sgiic","tag-sicc","tag-tokens"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO 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