ASIC gives green light to Australian crypto ETFs


The Australian Securities and Investment Commission (ASIC) has provided a rulebook for setting up crypto exchange-traded funds (ETFs), effectively approving their listing on the Australian Stock Exchange (ASX).

The new guidance provided by ASIC endorses the creation of ETFs that invest directly in cryptocurrencies, but also indirectly, such as mining pools and crypto exchanges.

The guidance provided by ASIC follows the successful opening of two Bitcoin ETFs (BTCs) in the United States last week by ProShares and Grayscale.

Until recently, crypto regulation in Australia lagged behind. Last week, Liberal Senator Andrew Bragg released a report who said that “the potential economic opportunities are enormous if Australia is able to create a forward-looking environment” for new and emerging digital asset products.

“It is clear that Australia needs a strong policy and regulatory framework for digital assets, in order to protect consumers, promote investment in Australia and improve competition in the market,” he said. he declares.

The crypto industry is already booming in Australia. According to a recent survey, 17% of the population has already invested in cryptocurrencies while 13% said they plan to buy cryptocurrency within a year. With ASIC ETF guidelines, it is likely that this number will increase even more.

Disclaimer: The views and opinions expressed by the author should not be taken as financial advice. We do not give advice on financial products.

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