- 8 July 2022
- Posted by: Cryptovalues
- Category: Cryptovalues News, EU Law, World News
It makes one smile, but while there has been yet another rejections by the US Securities and Exchange Commission of Grayscale’s Bitcoin spot ETF for turning its trust into a Bitcoin Spot ETF, in Europe Jacobi Asset Management will launch the Jacobi Bitcoin ETF on the Euronext Amsterdam exchange.
It has to be said, however, that in the US we will hear more about this topic because the response to yet another major rejection will be a lawsuit filed by Grayscale that may force the SEC to publicly explain what is behind these repeated rejections.
Jacobi’s ETF launch coincides with the EU’s approval of stricter crypto rules with the introduction of more pervasive anti-money laundering (AML) regulations, the offshoot of which is the expansion of the ‘travel rule’ that makes it mandatory for cryptocurrency platforms to collect transaction information and verify customer identities.
The product is responding to demand from institutional investors looking to diversify their portfolios by adding Bitcoin and other digital assets.
Jacobi Asset Management revealed that the company will charge a 1.5 per cent annual management fee to provide access to spot ETF investments to institutional and professional investors, and the fund will trade under the ticker BCOIN.
Interestingly, CEO Jamie Khurshid said: ‘The Jacobi Bitcoin ETF will give investors access to the underlying performance of this exciting asset class through an established and reliable investment structure. And about the partnerships he said:
“We are delighted to be working with first-rate partners such as Fidelity Digital Asset and Flow Traders, who have supported us from inception and are a key part of this first time in Europe as we list the product on Euronext Amsterdam.”
In Europe, therefore, fertile ground for Bitcoin’s physical Etf while in the US VanEck continues its attempt at approval by submitting new documentation to the US market regulator, which, however, remains rigid about its position.