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Bitcoin spot exchange traded funds (ETFs) have been approved by the Australian Securities And Investment Commission.
The corporate regulators detailed a draft of regulatory requirements for funds looking to offer Bitcoin-based spot ETFs as part of their portfolios. This comes as a response to the Australian trading market that has expanded its interest in ETPs and other investment products based on crypto-assets.
However, fund managers will require a Bitcoin custodial expert to ensure all clients’ crypto assets are held in secure custody, including cold wallet storage.
All funds looking to launch a Bitcoin ETF must have at least USD 10 million in net tangible assets and adhere to risk management obligations to be eligible.
According to the regulator, other cryptocurrencies might receive ETF licenses if they follow the same strict protocols and ensure clients’ funds are protected, apart from the approved Bitcoin and Ethereum.
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