Australian regulators open to Bitcoin ETF with ‘rules in place’

The Australian Securities and Investments Commission has clarified its position regarding Bitcoin (BTC)-linked exchange-traded funds. According to a Feb. 12 report by the Australian Financial Review, the commission addressed the subject after previously rejecting a Bitcoin ETF initiative by local company Cosmos Capital.

Per the report, Cosmos CEO James Manning claimed that ASIC “have a policy — which they have not released — which says they do not want an exchange traded product, an MIS, listed on an exchange.” Armour said that a Bitcoin ETF could fall under Australian Securities Exchange’s AQUA Rules, which are specifically designed for investment schemes like managed funds, ETFs and other products.

Armour noted that the National Stock Exchange of Australia, on which Cosmos attempted to list its product, does not have such rules. Australian Securities Exchange CEO Dominic Stevens said that the ASX has taken a cautious approach toward cryptocurrency-related products, but is considering them. “The world of bitcoin has changed since the last run, and my gut feel is this dominated by more corporate activity and institutions,” he said.

Reference: https://cointelegraph.com/news/australian-regulators-open-to-bitcoin-etf-with-rules-in-place

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