Ireland's central bank 'highly unlikely' to allow retail investors to hold cryptocurrencies

time:2022-02-09 00:00 source:Internet

The Central Bank of Ireland said in a report published on Tuesday that it is "extremely unlikely" that it will allow retail investors exposure to crypto assets. The bank cited "the specific risks that come with cryptoassets" and that "proper risk assessment can be difficult for retail investors without a high degree of expertise." The central bank's stance applies to "collective investment funds in transferable securities", or UCITS, which are organisations that invest in securities and are regulated by the EU. It also includes alternative investment funds (AIFs), which are not regulated by the UCITS directive, including hedge funds, private equity and real estate funds, according to the European Commission. The Central Bank of Ireland said that crypto assets are "high risk and speculative" but are "currently" considered suitable for wholesale and professional investors.

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