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In a February 2022 report called ‘Securities Markets Risk Outlook Report: A Changing Landscape’, the Central Bank of Ireland states that it is far from approving investment funds for retail crypto investors since they lack the knowledge to safely dive into the high-risk asset class.
The report details crypto assets as complex and a “potential threat to investor protection.”
It is therefore not expected that the bank will approve an AIF for retail crypto investors. While these vehicles “may be suitable for wholesale or professional investors,” they are too complicated for most consumers:
“The Central Bank is highly unlikely to approve a UCITS or a Retail Investor AIF proposing any exposure to crypto-assets, taking into account the specific risks attached to crypto-assets and the possibility that appropriate risk assessment could be difficult for a retail investor without a high degree of expertise.”
On February 8, Ireland’s Director of securities and markets supervision Patricia Dunne commented to Bloomberg saying there are “too many unanswered questions around things like custody, money laundering, and even just volatility and liquidity” when it comes to consumers safely investing in crypto.