# Central Bank of Ireland approves QIAIF exposure to cryptocurrency as Irish domiciled funds surpass €4trn
Published: 2022-04-04
Category: Finance
Category URL: https://wealthtribune.com/category/finance/
Meta Title: CBI Approves QIAIFs with Low Exposure to Bitcoin Futures
Meta Description: Discover the latest approval by the CBI for indirect crypto exposure in QIAIFs. Irish funds industry booming with assets exceeding €4 trillion in 2021.
URL: https://wealthtribune.com/central-bank-of-ireland-approves-qiaif-exposure-to-cryptocurrency-as-irish-domiciled-funds-surpass-e4trn/

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∙ _Central Bank of Ireland approves, in principle, QIAIFs with a low level of exposure to cash settled Bitcoin futures, the first type of indirect crypto exposure approved for a QIAIF_

∙ _Assets in Irish domiciled funds surpassed €4 trillion for the first time in 2021_

∙ _Irish domiciled ETF assets represent 66 per cent of the total European ETF market._

**31 March 2022** – The Central Bank of Ireland (CBI) has advised Irish Funds that they have approved in principle a Qualifying Investor Alternative Investment Fund (“QIAIF”) with a low level of exposure to cash settled Bitcoin futures traded on the CME. This is the first type of indirect crypto exposure approved for a QIAIF. For the time being, QIAIFs, which propose exposure to crypto assets, are required to make a submission to the Central Bank as set out under their Q&A.  The Central Bank’s approach in relation to crypto assets will be kept under review and will continue to be informed by European regulatory discussions.

This news comes as Irish Funds today hosts its London Alternative Investment Seminar.

The funds industry in Ireland continues to grow, with data from the CBI as end of December 2021, showing assets in Irish domiciled funds surpassing €4 trillion for the first time, a 22.5 per cent growth across all funds, with a growth of 42.1 per cent in exchange traded funds (ETFs). In 2021 total net sales into Irish domiciled funds reached €310.37 billion, of which €131.3bn has been into ETFs. This represented more than 80 per cent of all the net sales into European ETFs, which stood at €161bn for the year. Ireland continues to be the leading European domicile for ETFs, with Irish domiciled ETF assets representing 66 per cent of the total European ETF market.

Today, Ireland is the domicile for 5.95 per cent of worldwide investment fund assets, making it the third largest centre in the world. The total number of Irish domiciled funds, including sub-funds, reached 8,363 in December 2021, up from 7,962 in December 2020. Sectoral growth has been buoyed by strong inflows and a favourable economic environment, as global economies continue to recover from the Covid-19 pandemic.

**Pat Lardner, Chief Executive at Irish Funds said** **_:_** _“The latest_ _notice_ _that the Central Bank of Ireland_ _have approved_ _, in principle,_ _indirect crypto exposure for a QIAIF_ _is a_ _welcome_ _first for the industry in Ireland. Irish Funds will_ _continue to monitor developments and contribute actively to the policy discussions and innovations in this area_ _. This news comes as the_ _funds and asset management industry in Ireland continues to grow, cementing Ireland’s reputation as a key strategic investment fund location by the world’s leading asset managers, supported by our global reach, proven expertise, full market access to the EU and a supportive business environment.”_


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