Australian regulators open to Bitcoin ETF with ‘rules in place’
Securities regulators' down under said that they are open to a Bitcoin ETF, so long as investors are protected by the proper rules. 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....
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Bitcoin has been quite the hot property in Australia over the past eighteen months, and it has caught the attention of the nation's financial regulators, as it has in nations worldwide. In Australia, in particular, Bitcoin is very popular. Just not popular enough to threaten the status quo, according to the nation's monetary policy regulators. Australian regulators: We'll let it go, for now. Dr. Anthony Richards is the head on monetary policy for the Australian RBA, their fiat currency central bank. He released a statement regarding the current stance of regulators towards Bitcoin: "Given....
The Australian Government announced in its report entitled “Backing Australia's Fintech” that the current double tax law on digital currencies including Bitcoin is soon to be reformed. Digital currencies such as Bitcoin were in 2014 established by the Australian Taxation Office (ATO) as intangible assets for goods and services tax purposes. Thus, payments involving bitcoin have been considered as a form of barter rather than conventional transactions. However, the major issue with the GST law on digital currencies is that Australian residents who purchase items or goods using bitcoin are....
The British Financial Conduct Authority (FCA) and its Australian counterpart, Australian Securities and Investments Commission (ASIC) have signed the first-of-its-kind agreement whereby innovative Fintech companies in Australia and the United Kingdom will have more support from financial regulators as they attempt to enter the others’ market. Christopher Woolard, director of strategy and competition at the FCA, said: Innovation in financial services isn’t limited by national borders… We also know that many British firms wish to use the UK as a springboard to launch their businesses or....
The Australian Bitcoin Association announced today that it will officially accept new members, having completed the process of becoming a fully-fledged legal entity. Membership of the Australian Bitcoin Association is open to Australian citizens only. The ABA's constitution stipulates that the organisation has eight board member positions, seven of which are already filled. The remaining seat is open to both corporate members and individuals. Membership fees are in line with the US bitcoin Foundation, with whom the Australian association has signed an affiliate agreement. This makes it the....
FINRA believes the widespread use of blockchain could come to impact its core business practices. The self-regulatory organization for US brokers published a new report on blockchain tech yesterday that offers both a broad overview of the tech from the context of its industry, as well as its take on its potential impact on the brokerage sector. FINRA has been open about its work on the technology (in conjunction with its members) in the past, though the release constitutes some of its most direct comments to date. Most notably, FINRA said that, should the tech see broader use in the....