A&G sets up the first cryptocurrency fund in Spain.
The fund is available to professional investors only and will be audited by PwC.
A&G Launches The First Crypto Fund in Spain
A&G, a Spain-based banking entity focused on private banking, has announced that it has launched a cryptocurrency fund. This is the first cryptocurrency-focused fund that is launched in Spain.
The first currently has €12.4 billion ($14 billion) in assets under management and is one of the leading asset management firms in Spain.
According to A&G, the hedge fund will only be accessible to professional investors as it looks to limit the risks investors are exposed to.
The fund will also have CACEIS, the asset servicing banking group of Crédit Agricole and Santander, as depositary, and will be audited by PwC, one of the big-four auditing companies.
While commenting on this latest development, Diego Fernandez Elices, chief investment officer at A&G, said;
"We consider it an optimal solution for any European professional investor who wants to approach the world of cryptocurrencies, without forgetting that it is a very high-risk fund."
Spain remains one of the European countries with favorable cryptocurrency regulations. Last year, the Bank of Spain began to issue licenses to cryptocurrency exchange providers, stablecoin issuers, and custodians of digital wallets.
So far, Bit2Me, Bitstamp, BVNK, Crypto.com and Ripio are some of the companies that have received their operating licenses in Spain.
The Spanish apex bank also revealed late last year that it is planning to launch its central bank digital currency (CBDC) project. The Bank of Spain asked financial institutions and tech providers to submit proposals for the CBDC project.