Cryptocurrency: AUS to Approve Spot ETFs, US Approves Shit Futures ETFs

[grarpamp]

Cash settled crypto futures ETFs, even
crypto settled futures ETFs, do not result
in much actual lockup or float of physical coin,
plus they degrade, etc. If you want the coin,
buy the real fucking coin, or at least be a nohodler
and buy physical funds.

Not your keys, not your crypto.

US GovBank obviously approved futures in attempt to "tame"
and tank prices and kill crypto, but cryptos will evolve faster
than GovBanksters can approve their own GovBank ShitFunds.



Australia's Top Securities Regulator Says It Will Approve Bitcoin ETFs

https://www.businessinsider.com.au/asic-greenlights-bitcoin-etf
https://www.smh.com.au/business/companies/asic-gives-trading-of-bitcoin-ethereum-etfs-green-light-20211029-p594ea.html

The Australian Securities And Investments Commission (ASIC) has given
early approval to fund managers seeking to launch Bitcoin spot
exchange traded funds (ETFs), according to Business Insider.

Many Australian funds have already begun the application process after
ASIC green lit the spot ETFs. After months of consulting with experts
in the Bitcoin and crypto industry, the corporate regulators issued
new guidance for the space, and detailed a draft of regulatory
requirements for funds eager to offer Bitcoin spot ETFs.

In a statement on Friday, ASIC wrote, “We recognise the interest in,
and demand for, ETPs and other investment products that hold
crypto-assets in Australia.” One requirement for fund managers is they
will need to appoint a Bitcoin custodial expert who is “required to
ensure crypto-assets are held in safe and secure custody”.

Safe and secure custody includes storing Bitcoin private keys in
air-gapped cold storage, through wallets which are subject to “robust
physical security practices.” Redundant backups of seed phrases stored
in geographically separate locations are also required, according to
the Sydney Morning Herald.

Funds must also front a minimum of $10 million in net tangible assets
to launch a Bitcoin ETF, along with adhering to other pricing and risk
management obligations.

ASIC commented on why Bitcoin is one of just two newly approved
assets, “We proposed this because we recognize that crypto-assets vary
greatly in their features, characteristics, risks and how they
operate, and we consider that only some may be appropriate to be held
by a registered managed investment scheme.”

This comes just one week after Valkyrie and ProShares launched the
first Bitcoin futures ETFs in the United States. Many in the U.S. are
eagerly awaiting the approval of a Bitcoin spot-based ETF, which is
considered to be a safer investment vehicle that can more closely
track the price of Bitcoin. In any case, Australia's coming spot ETFs
are a step in the right direction in terms of educating traditional
investors about Bitcoin and spreading adoption.