He continued, “However, contrary to some representations that have recently been made to the media, approval for an ASX-listed Bitcoin ETF is not imminent. There are still a number of hurdles from a regulatory and exchange framework perspective that must be worked through as well as approval from ASIC, before we will see a Bitcoin ETF on ASX.”
“A significant number of crypto investors in Australia want to allocate at least a percentage of their retirement funds to cryptocurrencies,” said Jason Titman, chief operating officer at Swyftx, a crypto exchange based in Brisbane.
The regulatory landscape surrounding cryptocurrencies is evolving. In Australia, cryptocurrencies are treated as assets that can be bought, sold, stored and used as a payment method, although merchants have the right to refuse them. Australia has no specific cryptocurrency laws, but there are laws in place that apply to the crypto sector.
The Australian Securities and Investments Commission (ASIC) serves as the primary financial services regulator. ASIC classifies crypto assets as exchange-traded products, placing crypto tokens and related products such as ETFs under its purview. Companies offering such products must comply with regulations set forth by the ASIC.
Additionally, “reputable” and “experienced” service providers must be willing to support such products, further strengthening Australia’s regulatory framework for cryptocurrencies.
The increasing interest in cryptocurrencies among investors and the recent approval of spot Bitcoin ETFs in other countries suggests that the ASX may soon follow suit. As momentum builds, it will be interesting to see how cryptocurrencies will shape the world of finance in Australia and beyond in the coming years.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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