Country Focus

ASIC gives Australian crypto ETFs the green light

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).

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

The guidelines provided by ASIC follow on from the successful opening of two Bitcoin (BTC) ETFs in the US last week from ProShares and Grayscale.

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.

 

Elliot Shirnia

Elliot Shirnia is a crypto-journalist based in the Cotswolds. He joined Coin Rivet to foster both his love of writing and financial technology. When he isn't writing articles, he can be found studying a Master’s in Global Energy and Climate Policy from SOAS University of London, watching an inordinate number of sports or wild camping.

Disqus Comments Loading...

Recent Posts

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

26 mins ago

The surge of Bitcoin NFTs: Everything you should know about Bitcoin ordinals

From digital art to real-estate assets, NFTs have become a significant attraction for investors who…

4 weeks ago

MEXC Partners with Aptos to Launch Events Featuring a 1.5 Million USDT Prize Pool

Singapore, Singapore, 21st October 2024, Chainwire

1 month ago