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.
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.