Breaking: Australia Approves Bitcoin And Ethereum ETFs
Australia approves Bitcoin and Ethereum ETFs shortly after the US launched its first Bitcoin Futures ETFs.
Bitcoin ETFs in Canada and now approved in Australia. A futures ETF in America is not what the market needs, they need to hurry up and get approving a spot etf ASAP #Bitcoin
— P (@Phil_justheard) October 29, 2021
Australian Securities and Investments Commission (ASIC) announced via a response to submissions that it’s given the green light to fund managers looking to launch physically-backed Bitcoin and Ethereum ETFs. So far only Bitcoin and Ethereum funds are licensed under ASIC
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- The other day we reported on Australia’s interest in a crypto ETF. BetaShares was optimistic an ETF could be approved by mid-2022. The early approval by ASIC puts them on track for approval by then.
- Fund managers are required to hire an expert in crypto custody. Said expert is “required to ensure crypto-assets are held in safe and secure custody”.
- BetaShares recently launched a Bitcoin-adjacent ETF that focuses on companies that are directly or indirectly invested in Bitcoin.
- It sounds like other cryptos could be approved, but they won’t be giving carte blanche to the crypto industry. “We consider that only some may be appropriate to be held by a registered managed investment scheme,” ASIC said.
- For whatever reason, the focus is on Bitcoin. But, interest in Ethereum from institutions is real. It’s getting harder by the day to call Ethereum an altcoin.
- Australia will now join a shortlist of countries that approved a Bitcoin Spot ETF, joining Brazil, Canada, and Bermuda. Though no countries in Europe have technically approved a Spot ETF, a tier-one fund is approved to trade on Cboe Europe, a pan-European equity exchange.
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