Thursday, January 26, 2023
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home ETFs

Bitcoin ETF gets ASIC nod but alt-coins left out

MtR by MtR
October 29, 2021
in ETFs
0


But the report also warned fund managers that issuing crypto-backed products will come with a strict set of new obligations, including a requirement to appoint a custodian with specific crypto expertise and at least $10 million in net tangible assets.

They will be required to compensate investors for any custodial assets lost and clearly disclose the risks of investing in crypto assets, including risk of cybercrime, market losses and even the environmental impact associated with mining and maintaining some crypto-coins.

Back to the futures

ASIC took the controversial step to limit inclusion of crypto assets to those with a robust and transparent pricing mechanisms, a large number of institutional backers and – crucially – a relevant futures market for trading linked derivatives.

In practice, that means only bitcoin and ether (tokens validated by the ethereum platform) will meet the criteria to be included in ETFs “at this point in time”, the report confirmed. It is understood some industry participants opposed this proposal, eager to include nascent but potentially lucrative assets such as smart contract blockchain Solana.

Arian Neiron, Asia-Pacific chief executive at VanEck (which in Europe operates exchange traded notes linked to crypto assets including bitcoin, ether, solana, tron and polkadot) said it made sense to limit inclusion to the two largest coins by market capitalisation to begin.

“This outcome allows Australia to be a leading jurisdiction globally,” Mr Neiron told The Australian Financial Review.

“This will represent a huge move forward as investors will finally be able to access Bitcoin though a cost-effective, liquid investment vehicle. As other digital assets mature we expect the scope to broaden.”

He said VanEck expects to be the “first” ETF provider to launch a bitcoin ETF to the Australian market, but it is understood a number of rivals also have products ready to go and have been waiting for regulatory certainty.

A spate of fund managers announced plans to list such a product last year amid the pandemic, but the race to market was stalled after ASIC official Cathy Armour warned the regulator harboured concerns about such a product.

Chi-X chief executive Vic Jokovic said on Thursday that the market needed more certainty from the regulator. “There are fund managers that are ready,” he said. “There are a lot of people waiting for clarity.”

Meanwhile, two equities ETFs comprising stocks with crypto exposure have listed on Chi-X this month and another is slated to begin trading on the ASX in November.

ASIC’s guidance follows the release of a federal Senate committee report on crypto regulation which was praised by observers as “forward thinking”.



Source link

Related articles

Hedge Funds Suffer Outflows as ETFs had Inflows

August 10, 2022

Australia’s 6 biggest ETF providers

August 10, 2022

Related Posts

Hedge Funds Suffer Outflows as ETFs had Inflows

by MtR
August 10, 2022
0

ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs and ETPs ecosystem, reported that the...

Australia’s 6 biggest ETF providers

by MtR
August 10, 2022
0

Exchange Traded Funds or ETFs are now a BIG thing in Australia. The rise of ASX ETFs is making investing...

New Treasury ETFs launch as fixed income ETFs enter “sweet spot”

by MtR
August 9, 2022
0

The U.S. Treasury building is seen in Washington, September 29, 2008. REUTERS/Jim BourgRegister now for FREE unlimited access to Reuters.comRegisterNEW...

SoFi Launches First-of-its-Kind Web 3 ETF and a Smart Energy ETF to Empower People to Invest in the Future | News

by MtR
August 9, 2022
0

SAN FRANCISCO--(BUSINESS WIRE)--Aug 9, 2022--SoFi Technologies, Inc. (“SoFi”), the digital personal finance company, today announced that SoFi Invest1 is launching...

J.P. Morgan Asset Management Launches JPMorgan Active Growth ETF (JGRO)

by MtR
August 9, 2022
0

Unifies two industry-leading growth strategies into one actively managed ETF NEW YORK, Aug. 9, 2022 /PRNewswire/ -- J.P. Morgan Asset Management...

Load More
  • Trending
  • Comments
  • Latest

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021

Tips for checking smoke alarms during daylight saving time

March 12, 2022

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021

What will Durham County education bonds pay for? A full list

July 8, 2022
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022

Alberta oil production set new record in first half of 2022

August 10, 2022

Industrial Lubricants Market to Reach $71 Billion by 2027.

August 10, 2022

Recent News

Investment in overseas real estate surges : The DONG-A ILBO

August 11, 2022

U.S. inflation CPI report, Wall Street, currencies

August 10, 2022

Alberta oil production set new record in first half of 2022

August 10, 2022

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter