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Citigroup may have cracked the cryptocurrency code. The New York-based bank has come up with the most direct way to invest in cryptocurrency without actually having it, according to people who know the plan. This structure will place the cryptocurrency in the existing regulatory regime and give large Wall Street investors such as asset managers and hedge funds how to invest less risk in new asset classes. Citi has developed an instrument called acceptance of digital assets. This works like the receipt of an American deposit, which has been around for decades to give US investors a way to have foreign stocks that do not trade on US exchanges. Foreign stock is held by the bank, which then issues the receipt of the deposit. In this case, the cryptocurrency will be held by a guard, with what is called DAR issued by Citigroup, people say. The bank will remind Depository…

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