• Investments in XRP exchange traded products have been canceled due to Irish crypto investment rules.
• The asset manager suffered a loss of $834 and was forced to cancel the investment immediately.

Jupiter Asset Management is a company listed on the London market with more than $65.8 billion (approximately 9.87 trillion yen, equivalent to 150 yen = 1 dollar) in assets under management, but due to compliance issues, it has decided not to invest in crypto assets. The Financial Times reported on February 16 that the company had no choice but to stop investing in (virtual currency) exchange traded products (ETPs).

Jupiter Gold & Silver Fund invested $2.58 million (approximately 387 million yen) in 21Shares’ Ripple XRP ETP (AXRP) in the first half of 2023. However, the investment was flagged by the company’s “regular monitoring process” and was later canceled with a loss of $834, the company said.

The reason for the cancellation is differences in crypto asset regulations in Europe. The Jupiter Gold & Silver Fund is based in Ireland and UCITS funds are prohibited from investing in crypto assets. Other European jurisdictions, such as Germany, allow investment funds to hold crypto assets.

UCITS (collective investment undertakings in negotiable securities) is a rule for investment funds established by the European Commission.

Jupiter’s issues highlight the need for a unified crypto investment framework as spot crypto products begin buying and selling in the US and the latest bull run in crypto markets accelerates.

Jupiter did not immediately respond to CoinDesk’s request for comment.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: Asset Manager Jupiter’s Crypto Investment Scrapped by Compliance Team: FT