Australia’s Financial Regulator Says BTC ETPs Might Pose Risks
The Australian Securities and Investment Commission (ASIC), the country’s financial watchdog, has just shared its concerns about exchange-traded products (ETPs) based on the leading cryptocurrency.
In a consultation paper, the regulator has asked the public for feedback on whether cryptocurrency underlying products could meet the existing expectations of exchange-traded products.
In addition, the ASIC is trying to find out if cryptocurrencies can actually be used as underlying assets for these type of investment products, if their price can be determined accurately and the way they should be classified taking into account the current underlying asset legislation.
On top of that, the financial regulator wants to know the implications of the launch of a crypto-based ETP in the market as well as its compliance costs and effects on competition.
It is worth mentioning that the ASIC has decided to gather feedback from the public because the Australian Securities Exchange is deciding on whether it should give its approval to a domestic ETP. The decision must be made by the end of the year.
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