Luxembourg CSSF Updates Crypto-Asset FAQ for Retail Funds, February 2026

On February 4, 2026, the Commission de Surveillance du Secteur Financier (CSSF) of Luxembourg published Version 7 of its FAQ Crypto-Assets — Undertakings for Collective Investment, updating guidance that was first published in November 2021 under the title FAQ Virtual Assets — Undertakings for Collective Investment. The FAQ update is a supervisory guidance document; it does not constitute binding regulation but reflects the CSSF's current supervisory expectations and the application of existing legal requirements to crypto-asset exposures held by Luxembourg-domiciled investment funds, including UCITS.

The controlling legal authority for Luxembourg-domiciled UCITS is the Law of 17 December 2010 relating to undertakings for collective investment, as amended, and the underlying EU UCITS Directive 2009/65/EC. The CSSF FAQ interprets these provisions in the context of crypto-asset exposures, including direct and indirect holdings in crypto-assets as defined under Regulation (EU) 2023/1114 (MiCA). The CSSF renamed the FAQ from "virtual assets" to "crypto-assets" to align with MiCA terminology, which entered into application across the EU in stages through 2024 and 2025.

Luxembourg-domiciled UCITS fund managers, alternative investment fund managers (AIFMs) supervised by the CSSF, and Part II UCIs holding or contemplating exposure to crypto-assets must review the updated FAQ to determine whether their current risk management processes, prospectus disclosures, and investment restrictions comply with the CSSF's updated supervisory expectations. Swiss funds wishing to gain similar crypto-asset exposure operate under a distinct national legal framework and must apply to their own competent authority; the CSSF FAQ does not apply to them directly.

The FAQ is non-binding and represents only the CSSF's current supervisory position, which may change as MiCA implementation progresses and as ESMA publishes further guidance on crypto-asset classification. Fund managers should confirm that their service providers, including depositary banks and custodians, have the operational capability to hold crypto-assets before making any changes to investment mandates.

Source: CSSF FAQ Crypto-Assets — Undertakings for Collective Investment, Version 7, published February 4, 2026 (originally published November 29, 2021). Official URL: https://www.cssf.lu/en/document/faq-crypto-assets-undertakings-for-collective-investment/ — Confirmed March 12, 2026.

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