The Australian Securities and Investment Commission (ASIC) has provided a rulebook for the creation of crypto exchange-traded funds (ETFs), effectively approving their introduction to the Australian Stock Exchange (ASX).
Until recently, crypto regulation in Australia had been behind the curve. Last week the Liberal Senator Andrew Bragg published a report that said “potential economic opportunities are enormous if Australia is able to create a forward-leaning environment” for new and emerging digital asset products.
“It is clear that Australia needs a robust policy and regulatory framework for digital assets, in order to protect consumers, promote investment in Australia and deliver enhanced market competition,” he said.
The crypto sector is already booming in Australia. According to a recent survey, 17% of the population have already invested in cryptocurrencies while another 13% said they were planning to buy crypto within one year. With ASICs ETF guidelines, it is likely that number will increase even more.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.