According to CoinDesk, Australian regulators are likely to allow ETPs based on Bitcoin and Ethereum in the near future, including ETFs.
The Australian Securities and Investment Commission (ASIC) stated on Friday that Bitcoin and Ethereum are likely to be legally suitable as a basis for ETPs if all of the necessary criteria are met.
ASIC published a set of rules today for organizations looking to develop crypto-based ETPs, including ETFs. It was in response to a request made earlier this summer.
So far, Bitcoin and Ethereum appear to fit all five of ASIC’s criteria.
BetaShares’ Bitcoin ETF may already begin trading in Australia in the near future.
Bitcoin ETFs trading in the U.S.
In the United States, ProShares’ Bitcoin futures ETF debuted on the NYSE on October 19. Three days later, Valkyrie launched another Bitcoin-based futures ETF on the Nasdaq, causing the Bitcoin price to fall.
Direxion aims to launch a Bitcoin ETF that will allow shorting BTC futures, according to U.Today on Thursday.
However, the company warns short-sellers of high risks, stating that they may lose all of their funds.
