- The Australian Securities and Investments Commission (ASIC) announced that it “has no problems” with the Cosmos Bitcoin-linked ETF, which will be listed on the ASX exchange. The Cosmos Bitcoin ETF listing was previously rejected by the National Stock Exchange, claiming that they did not have proper regulations to protect investors.
Bitcoin ETF move from Australia
Cosmos CEO James Manning has previously expressed his disappointment over the lack of clarity of ASIC and said:
“ASIC has a policy that they do not publish a product that is traded on the stock exchange, saying they do not want a MIS to be listed on the stock exchange.”
ASIC commissioner Cathie Armor told the Financial Technology committee on Friday that they have no problems with such listing as long as the platform that lists the ETF has appropriate rules to protect investors.
“For any product to be listed on foreign exchange markets in Australia, the particular market must have rules in place that facilitate the pricing of the products. There are no rules that do this in all markets. These products can be made available to Australians through the managed investment plan regime and Australians can invest in these products in this way. ”
Cosmos will finally list its Bitcoin ETF on the ASX Exchange, and surprisingly it has never confirmed any Bitcoin-related product listing on its platform. However, the recent excitement and craze about crypto adoption has caused many mainstream traditional financial institutions and trading platforms to reconsider their decisions.
Just another day, lol…
– Twitter considering adding #Bitcoin
– Venmo adding crypto to wallets
– Mastercard discussing crypto support
– BNY Melon plans to custody #bitcoin
– PayPal bringing crypto to the UK
– UBER is planning to have fun staying poor
– I'm getting a rad Lambo
— Peter McCormack (@PeterMcCormack) February 11, 2021
ASX CEO Dominic Steven explained that the decision was made in line with increased market demand despite early cautious approaches.