London-headquartered asset manager Jupiter Asset Management canceled its investment in an XRP exchange-traded product due to compliance issues, the Financial Times reported Friday.
The company reportedly canceled the ETP investment as Irish authorities do not allow crypto exposure in funds governed under UCITS, which stands for Undertakings for the Collective Investment in Transferable Securities. UCITS is a regulatory framework that established rules for selling mutual funds across European Union member states.
Ireland, France and UK regulators have said that UCITS funds cannot invest in crypto assets. Meanwhile, Germany allows UCITS funds to invest in crypto ETPs, under circumstances that the product reflects the crypto asset’s value on a one-to-one basis.