LIVEHere's a rephrased version:
The European Union regulator, ESMA, is exploring the potential classification of cryptocurrencies as investment products, sparking discussions among financial industry executives and experts. If the EU moves forward with this classification, it could have a significant impact on the financial landscape, potentially reshaping the industry.
ESMA's study focuses on whether cryptocurrencies could fall under the category of "Collective Investment Funds in convertible/transferrable Securities" (UCITS), a market that surpasses 12 trillion euros in size, dwarfing the value of Bitcoin spot ETFs in the US. This discussion revolves around the possibility of including cryptocurrencies in mutual funds, allowing individual investors to participate in a professionally managed portfolio that typically invests in stocks, bonds, and other financial instruments.
Financial regulation expert Sean Tuffy highlighted the potential game-changing effect of such a decision, suggesting that it could streamline access to the crypto market for the masses. If ESMA proceeds, it could mark a significant milestone in bringing cryptocurrencies into the mainstream in Europe.
Source: DL News
