After the SEC’s approval of Bitcoin futures ETFs in the US, the Australian Securities and Investments Commission (ASIC) gave the green light to the first spot Bitcoin (BTC) and Ether (ETH) ETF.
The two approved ETFs will begin trading on the Australian Securities Exchange (ASX).
Australia’s corporate regulator ASIC has issued a set of guidelines for companies looking to launch crypto-based ETPs, including ETFs, after months of process.
ASIC said in a statement:We acknowledge the interest and demand for ETPs and other investment products holding crypto assets in Australia” said.
The new directive published will allow funds to launch exchange-traded funds (ETFs) that invest directly in cryptocurrencies or crypto-adjacent assets such as crypto miners and coin exchanges.
In the context of this directive, BetaShares is the first fund to launch a crypto-focused ETF on the Australian Stock Exchange, which will launch next week using the code ‘CRYP’.
ASIC Commissioner Cathie Armor said:
Cryptoassets have unique characteristics and risks that must be considered by product issuers and market operators when meeting their current regulatory obligations.
Our published good practices provide practical examples of how these obligations can be met in a way that maintains investor protections and Australia’s fair, orderly and transparent markets.”
Although only the Bitcoin and Ethereum ETF have been approved in Australia for now, applications for other cryptocurrencies are expected before too long.