By Jamie G - Cryptocurrency Investor - 31-07-2021
As new legislation controlling German Spezialfonds comes into force, over $415 billion could be used for investing in cryptocurrency for institutional funds.
German institutional funds will hold in a crypto coin storage no more than 20% of their assets in cryptocurrencies as of the 2nd of August. With institutional funds finally able to hold crypto market investments, this could potentially provide further global adoption of Bitcoin (BTC) and cryptocurrency, even if it's just through pension investment accounts.
According to an article by Bloomberg, the latest German law modifies the pegged investment plan to allow more freedom on what to invest. The rules govern special funds (Spezialfonds in german), which hold and manage around $2.1 trillion in assets; the funds are only available to investment companies like institutions that run pension funds.
Reportedly, a worker from an investment funding group in Germany BVI, Tim Kreutzmann, has stated that the majority of funds will likely stay far below the 20% target at first. He further explains that insurers, pension funds and other institutional investors will have "strict regulatory requirements" when planning their investment strategy for their clientele. That being said, their customers must also want to invest in Bitcoin and other cryptos.
The new crypto bill signals a significant shift in the financial industry and how German legislators control digital assets. Germany's Federal Financial Supervisory Authority, or BaFin, advises that it's best to stay safe and cautious due to the unpredictable nature of investing in digital assets.
If you are looking to Buy and Sell Bitcoin, you can head over to BC Bitcoin where you can safely start investing today.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards