Jacobi Asset Management’s investment firm is about to launch BTC ETF In Europe. It will launch the ETF on the Euronext Amsterdam exchange later in the month.
Jamie Khurshid, founder and CEO of Jacobi stated that:
“This ETF will provide investors with access to the growing digital asset class. Also, our company would provide a trusted and established investment structure for these investors.”
According to the company, the funds will be under BCOIN. Also, it is the first ETF for institutional investors that want to access BTC in Europe.
Furthermore, Jacobi would charge a 1.5% management fee annually to provide ETF services to investors. According to Edd Carlton:
“The BTC ETF will meet the demand of investors who want to diversify their portfolio. Now, institutional investors can have access to digital assets.”
Jacobi’s ETF Launch Comes Amid Strict Regulations In Europe
In October 2021, Guernsey’s financial watchdog gave Jacobi the go-ahead to launch its ETF. Fidelity Digital Assets will provide custodial services for the ETF.
Additionally, Khurshid said Jacobi is happy to work with Flow Traders and Fidelity Digital Assets. They have supported us from the beginning.
Jacobi’s ETF launch comes amid the recent regulations by the EU. Last week, the International body approved stricter AML (Anti-money Laundering) regulations for digital currencies.
The regulation is an improvement of the travel rule. This current rule mandates cryptocurrency platforms to collect customer information and identities during transactions.
Recently, a popular exchange, Coinbase, tightened its KYC (Know Your Customer) requirements in the Netherlands. The rules are due to the recent recommendations from the country’s FATF (the Financial Action Task Force).
The US SEC Continues To Delay Approval For BTC Spot ETF
Although Jacobi is set to launch an ETF, the case is different in the US. Recently, the country’s regulator rejected the spot BTC ETF application of Grayscale Investments.
However, the investment company has kept true to its word and has sued the regulator. Unfortunately, the court hearing is until next year.
Before now, Gensler, Chairman of SEC, said he is more open to accepting applications to futures-based ETFs. Hence, this might account for the regulator’s rejection of spot ETF applications.
Meanwhile, the regulatory climate in the US is beginning to take shape. Recently, a crypto bill was presented to the Senate to regulate the crypto industry.
According to Gensler, the SEC, CFTC, and other regulators are working together. The aim is to form a unified crypto regulatory framework.