The MiCA regulation, fully applicable in France since July 1, governs cryptoasset issuers and service providers but does not apply to crypto funds, whose units are financial instruments covered notably by the AIFM Directive. Oversight of a fund can operate at three levels: supervision of the fund as a product, authorization or registration of its manager, and rules governing the marketing of its units to the public. A crypto fund manager with less than €100 million in assets under management may operate under a lighter registration regime with its national authority without undergoing the full authorization assessment. Registration allows investors to verify the manager’s identity, activities and anti-money laundering obligations, but it does not guarantee the manager’s financial strength, a European passport or the fund’s performance. To verify a status, investors should search for the legal entity’s exact name in the relevant authority’s official register and distinguish between “authorized”, “registered” and “notified” designations.
Source: Read the original article
