Crypto exchange-traded product (ETP) giant 21Shares is announcing that it’s pushing European authorities for a more complete regulatory framework.
According to a new announcement from 21Shares, the firm is asking the European Securities and Markets Authority (ESMA) to set aside a regulatory framework for crypto assets in Undertakings for Collective Investment in Transferable Securities (UCITS) funds.
21Shares says Europe currently suffers from legal inconsistency between member states, resulting in the allowance of certain UCITS to hold crypto while others have been barred.
The company also argues that a lack of consistency results in investor protection gaps. 21Shares recommends that EMSA establishes clear guidelines to apply across all EU entities.
According to the firm, this would put EU markets in line with Hong Kong and US markets, which have already approved several crypto exchange-traded funds (ETFs).
Says Mandy Chiu, Head of Financial Product Development at 21Shares,
“The current patchwork of regulations is creating confusion and preventing retail investors from accessing the full potential of crypto assets. By providing a consistent set of rules across Europe, ESMA could open up new avenues for investors to diversify and enhance their portfolios in a regulated environment that is designed for investor protection. At 21Shares, we focus on making crypto products easier, safer, and more conventional to trade—meeting the growing demand from investors who want to include these assets in their strategies.”
“With a unified regulatory stance, Europe can position itself at the forefront of financial innovation. Clear guidance from ESMA would not only promote market stability and investor protection but also encourage further growth and development in the crypto asset space. We believe it’s time to move forward and provide a framework that aligns with Europe’s tradition of supporting innovation and competitive markets.”
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