Bitcoin approved in Australia | Soon ETFs and financial products at the ASX

After the United States , ETFs that replicate the price of Bitcoin could also arrive on the Australian market, thanks to guidelines for this type of products that were published today by ASIC , a CONSOB homologous in Australia .

Guidelines that leave, among other things, greater freedom to Australian intermediaries than their American counterparts and which could offer space for structured products as well.

Good news for Bitcoin - in which we can invest without waiting for the arrival of Australian ETFs . In fact, we find it on the eToro platform - go here for a free virtual account with PREMIUM functions - an intermediary that offers $BTC in direct access, as well as through the CopyPortfolios that include it along with other cryptocurrencies .

We can also use CopyTrading to invest by copying the best traders and intermediaries on the platform, which allows us to invest by copying and spying on those who have better results than ours. To switch to a real account .

What did Australia decide: all set for Bitcoin ETFs?

There was no real decision, because in reality a newly designed regulatory framework has been published - which clearly sets the limits that must not be exceeded by those who propose this type of financial instrument.

A framework that has been welcomed by all operators in the sector , who will soon be able to propose Exchange Traded Funds on the ASX , the country's main exchange, which will replicate the price of Bitcoin , but also of Ethereum.

It will be allowed to invest directly in cryptocurrencies

Or in products that replicate its trend. Or even in companies that deal with mining and exchanges . However, the decision on eligible securities will remain with ASX, the country's first stock exchange.

Best practices

Good practices to be followed for the custody of crypto-assets were also indicated , identifying the specific methods and the minimum security that the custody of private keys must implement. As expected, the use of external custodian companies is recommended, for which equally stringent rules are envisaged. It is also advised to implement insurance in case the funds are stolen or lost.

Overall a treatment very similar to that of raw materials

The main manager Cathie Armor has already commented on the framework :

Crypto assets have unique characteristics and the risks that must be considered must be included in specific documents. The practices of good conduct that we have indicated mark the way for those who want to offer these products. Always protecting investors in transparent, orderly and fair markets.

However, it will remain up to ASX , which is the main stock exchange in the country, to decide which categories of crypto assets can be traded, even indirectly, on its infrastructure. In all likelihood, we will start with openings towards Bitcoin, as happened in the USA , and then move on to Ethereum and the world of decentralized finance .

Meanwhile, in the US, the first leveraged ETFs have been rejected

The dark of SEC has fallen for the first time on a product that includes Bitcoin . It was a VanEck leveraged ETF , a product that did not already have much chance of seeing the light, in a country that is showing itself to be particularly conservative when it comes to the world of financial instruments on cryptocurrencies.

Not bad - there are already three ETFs that are already being traded in New York , to which other products will be added in the coming weeks. With Europe that has been trading this type of products for some time - and with Australia that is ready to join soon - there are now no corners of the economically advanced world where it is not possible, on the stock exchange, to find a product dedicated to Bitcoin .