The head of the Australian Securities and Investment Commission, Cathie Amour, has opened up to the general public regarding the approval of various Bitcoin linked products. At a recent interview granted by the commissioner, she noted that the commission is open to approving the listing of various trade funds that crypto exchanges will set up.
This interview saw the commissioner try to change the narrative that the commission is always at a loss as to whether to grant several Bitcoin linked products or not. Notably, this recent comment is coming on the back of the rejection of Cosmos Bitcoin ETF’s listing. According to Cosmos, the National Stock Exchange said that it would not list the trust fund, citing regulatory grounds.
The body wants to help investors reduce losses
The National Stock Exchange noted that there are several regulations regarding the protection of investors from unprecedented losses. In the statement of the chairman of the regulation, he noted that if any product is to be listed on the stock exchange, then it has to abide by certain rules and regulations, especially the one regarding quoting.
He noted that not all products follow the quoting rules, and if they were to be presented to Australians to invest in, they should be under management or investment. Amour also noted that even though they were aware that the ETF would grant investors quick exposure to digital assets, they must still help them eliminate a huge part of the loss that they will incur.
Several crypto exchanges in Australia have been working ardently to launch their respective ETFs but has always been met with a disappointing no, with Cosmos being the lastest to fall into that category. But with the adoption of Bitcoin by all and sundry coupled with the surge in price, the regulators could rethink and grant the next ETF that shows promise.
Australia continues to grow with crypto adoption
Also, the CEO of Cosmos has said that the reason why they were rejected is that ASIC has spelled it out that they are not interested in listing any Bitcoin trust fund at the moment. Even though all looks well for the next ETF, it might still need to surmount the ASIC hurdle before it gets its final clearance. The next exchange could also bank on the exploits of Cosmos, which has been approved for listing on the ASX exchange.
Before this approval, no exchange has ever been allowed to list their products on ASX. Australia has shown promise in regulating crypto, with the country announcing that it officially recognized Bitcoin and other digital assets as properties around 2018.
The recent push in the price of the digital since that period has promoted the tax office in the country to ask crypto users to pay tax on their holdings. With this, the office has rolled out several details on how people can report their crypto-related income and pay their tax. The office has also told all those who have deficits to calculate the amount of tax that they owe and pay it as soon as possible.