Green protection for encryption ETFs may threaten to “really harm consumers and markets” if they are well regulated, Australia’s top monetary regulator said Tuesday.
Writing in an article soliciting industry comment, the Australian Securities and Investments Commission pointed to a major request from crypto ETF clients, but warned that products can seamlessly harm customers and markets. they were poorly designed.
On the contrary, asic has stated that a well-thought-out cryptographic ETF can simply be a viable product, subject to commission standards. “At this point, in our opinion, the only crypto assets that are likely to meet those [standards] are bitcoin. and ether,” he writes.
The committee warned that the six asset classes existing under Australian law do not capture, as they should, the habit of cryptocurrencies. He proposed a new category, called “eligible crypto assets,” which would require new regulations and definitions.
ASIC’s difficulty in categorizing cryptocurrencies is due to regulatory struggles in the United States, where a patchwork of monetary regulators has alternately classified Bitcoin as property, security and merchandise.