The new guidance provided by the Australian Securities and Investment Commission (ASIC) approves the creation of ETFs that invest directly in cryptocurrencies, as well as indirectly, such as mining pools and crypto exchanges.

The guidelines provided by ASIC came after the successful opening of two Bitcoin (BTC) ETFs from ProShares and Grayscale in the US last week.

Until recently, crypto regulation in Australia was behind the curve. Last week, Liberal Senator Andrew Bragg released a report saying “If Australia can create a forward-looking environment, the potential economic opportunities are huge” for new and emerging digital asset products.

“It is clear that Australia needs a robust policy and regulatory framework for digital assets to protect consumers, encourage investment in Australia and enable enhanced market competition,” he said.

The crypto industry is already booming in Australia. According to a recent survey, 17% of the population has already invested in cryptocurrencies, while another 13% said they plan to buy crypto within a year. With ASICs ETF guidelines, this number is likely to increase even more.

source: yahoo (Elliot Shirnia)

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.