Jupiter Asset Management Cancels XRP Investment Due to Irish Crypto Rules

According to CoinDesk, Jupiter Asset Management, a London-listed firm with over $65.8 billion in assets under management, had to cancel an investment in a crypto exchange-traded product (ETP) due to compliance issues. The company's Gold & Silver fund had invested $2.58 million in 21Shares' Ripple XRP ETP during the first half of 2023. However, the investment was flagged by the company's regular oversight process and later canceled at a loss of $834.
The reason for the cancellation is the divergent crypto regulation in Europe. Jupiter's Gold & Silver fund is domiciled in Ireland, where crypto investments are prohibited in Ucits or tradable investment funds. Other European jurisdictions, such as Germany, allow investment funds to hold crypto. This incident highlights the need for a unified crypto investment framework, especially as the launch of spot crypto products in the U.S. has fueled the latest bull run in the crypto markets. Jupiter did not immediately respond to CoinDesk's request for comment.