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Bitcoin ETF Likely to Be Approved by Australia

News
Fri, 10/29/2021 - 12:04
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Yuri Molchan
Bitcoin and Ethereum satisfy criteria for launching ETPs in Australia, including exchange-traded funds, local regulator says
Bitcoin ETF Likely to Be Approved by Australia
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Australian regulators are likely to approve ETPs based on Bitcoin and Ethereum in the near future, and that includes ETFs, according to CoinDesk.

Australia may approve Bitcoin and Ether ETPs soon

Australian securities regulator ASIC stated on Friday that Bitcoin and Ethereum are likely to be legally suitable by all the necessary criteria as a basis for ETPs.

Today, ASIC released a set of guidelines for companies wishing to launch crypto-based ETPs, including ETFs. It was a response to the request filed this summer.

So far, Bitcoin and Ethereum are likely to meet all five criteria voiced by ASIC.

A Bitcoin ETF launched by BetaShares may already start trading in Australia in the near future.

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Bitcoin ETFs trading in the U.S.

In the U.S., a Bitcoin futures ETF provided by ProShares launched on the NYSE on Oct. 19. Three days later, another Bitcoin-based futures ETF, launched by Valkyrie, started off on the Nasdaq, pushing the Bitcoin price down.

As reported by U.Today on Thursday, Direxion plans to roll out a Bitcoin ETF that will allow shorting BTC futures.

However, the company warns of high risks for short-sellers, saying that they may lose all of their funds.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.