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According to recent reports, a new law will come into effect next week, which would allow investment companies in Germany to hold up to 20% of their assets in digital assets. This new development comes amid the increasing demand from several institutions towards the industry.
Based on the report by Bloomberg on July 30, Spezialfonds, German investment funds with fixed rules, can now allocate up to 20% of their capital in cryptocurrencies. This group of investment companies manages about €1.8 trillion or $2.1 trillion and only services local institutional investors.
According to Tim Kreutzmann, a cryptocurrency expert at BVI, most of these funds will prefer to start with small amounts and then move up. He noted that:
“Most funds will initially stay below the 20% mark. On the one hand, institutional investors such as insurers have strict regulatory requirements for their investment strategies. And on the other hand, they must also want to invest in crypto.”
Despite the initiative getting triggered by increased institutional demand, Kamil Kaczmarski, an executive at consultancy firm Oliver Wyman LLC, argued that investors are skeptical about cryptocurrencies due to their volatile nature. Kaczmarski added that this trend could continue for the next five years or so.
Financial Institutions in Germany Believe in Cryptocurrency
A spokesperson noted that Deutsche Bank AG’s asset manager DWS Group and DekaBank, one of the top financial institutions in Germany, have both indicated interest in investing in cryptocurrencies.
In May, German multinational financial institution Deutsche Bank asserted its support for cryptocurrencies. Back then, Christian Nolting—the Chief Investment Officer of the company—highlighted the growth projection of the industry over the recent years, especially during the COVID-19 pandemic. He noted that cryptocurrencies would remain in the long-term, asserting that:
“I think that by now, it is clear that cryptocurrencies (in some form) are here to stay, but I would argue that they are far from a mainstream asset class.”
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