French Asset Manager Launches Fund Tied to CME’s Cash-Settled Bitcoin Futures

Napoleon AM, a French asset management firm that’s part of the financial services group Napoleon Group, has launched a new fund tied to the Chicago Mercantile Exchange’s (CME) cash-settled bitcoin futures.

According to CoinDesk, the “Napoleon Bitcoin Fund” started trading on December 6, and requires professional investors to buy-in at least €100,000 ($110,000) to invest in it, according to its prospectus. The fund requires investors to reside in France, and cannot be traded cross-border.

The Napoleon Bitcoin Fund is notably one of the first funds to use CME’s cash-settled bitcoin futures contracts, and allows investors to gain exposure to bitcoin without requiring them to actually manage any BTC.

Napoleon AM reportedly became a licensed “Alternative Investment Fund Manager” in May of this year, and trades CME bitcoin futures. Bakkt, the Intercontinental Exchange’s crypto venture, has recently launched its own cash-settled bitcoin futures in Singapore, which the fund is open to tapping into.

Stéphane Ifrah, Napoleon AM’s president, said in a press release:

We are proud to contribute to the institutionalization and democratization of digital assets through a unique regulated fund under French law.

As CryptoGlobe reported, France’s central bank is set to test a digital currency in the first quarter of next year, according to governor Francois Villeroy de Galhau. The country has been slowly accepting cryptocurrencies, although it has urged the G7 to form a task force to deal with Facebook’s Libra.

Featured image via Unsplash.

Irish Drug Dealer Forced to Surrender €52 Million in Bitcoin to Authorities

Michael LaVere
  • An Irish drug dealer was forced to surrender €52 million in crypto to the Criminal Assets Bureau.
  • High Court determined the proceeds to be the result of a crime. 

A drug dealer was forced to surrender €52 million (around $56 million) in cryptocurrency to Ireland's Criminal Assets Bureau (CAB) after the country's High Court determined it to be proceeds from a crime. 

According to the report by Irish news outlet Independent, Dubliner Clifton Collins accumulated more than €52 million in the illegal sale and supply of drugs. Justice Alex Owens ruled that the bitcoin should be forfeited under the Proceeds of Crime legislation, a decision that went uncontested by Collins. 

The report claims authorities discovered a quantity of cannabis in Collins possession after a vehicle stoppage which took place in February 2017. Authorities went on to find a large number of suspected cannabis plants at an address at Farnaught, Corr na Móna. A subsequent investigation by the CAB led the bureau to uncover Collins's extensive holding of crypto assets, which amounted to €52 million. 

The report claims that Collins was an early investor in bitcoin and crypto-assets, which appreciated exponentially over the years. The CAB was able to secure a freezing order on the bitcoin to ensure that it could not be moved from the wallet prior to a court ruling. 

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