Morgan Stanley has removed all restrictions on wealthy clients accessing cryptocurrency funds. According to information obtained by CNBC, the bank will now allow all its customers to access crypto investments, including retirement accounts. Starting October 15, Morgan Stanley advisors will be able to recommend crypto funds to all types of clients. Previously, this was only available to investors with an “aggressive risk tolerance” and at least $1.5 million in taxable assets. The move is seen as the latest move by Morgan Stanley, one of the world's largest asset management firms, to expand access to cryptocurrencies, following the shift in the US government's stance on crypto assets following the election of President Donald Trump. Last month, the bank announced it would launch trading in Bitcoin, Ethereum, and Solana through its E-Trade subsidiary. Morgan Stanley, which manages approximately $8.2 trillion in client assets, has been attracting attention in recent years with its aim to maintain its competitive edge in the face of the rise of platforms like Coinbase and Robinhood. Related News: 10 Major Banks, Including Goldman Sachs and Bank of America, Make Joint Cryptocurrency Move! In the new era, the bank will use an automated monitoring system to ensure that crypto assets don't overcrowd clients' portfolios. The bank's global investment committee recommends a maximum initial allocation of 4% for crypto assets, based on investment objectives. “Cryptocurrencies are a speculative yet increasingly popular asset class. While they may not be suitable for every investor, many are attracted to this space,” Lisa Shalett, Morgan Stanley's director of investment for asset management, said in a report. Currently, advisors can only recommend Bitcoin funds from BlackRock and Fidelity, but the bank said it is considering adding other crypto assets to its product range in the future. *This is not investment advice. Continue Reading: Could This Development Ignite Bitcoin and Altcoins: Even Michael Saylor Shared It
