Tag Archives: Australia Crypto

MARKETS NEWS

Australian bank Commonwealth Bank will allow customers to hold and use cryptocurrency

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Commonwealth Bank of Australia will be the first major bank to allow its customers to buy, sell and hold products in cryptocurrencies.

Commonwealth Bank released a statement Wednesday, saying it has partnered with cryptocurrency exchange regulator Gemini to design a service for the CommBank app. It will allow its clients to access crypto assets, including Bitcoin, Bitcoin Cash, Ethereum and Litecoin.

Implementation will begin in the coming weeks. Matt Comyn, CEO of Commonwealth Bank, said: “The emerging and growing demand for digital currencies from customers creates both challenges and opportunities for the financial services industry, where a significant number of new players and business models are innovating in this space. To meet a growing customer need and We believe we can play an important role in crypto to provide capability, security and trust in a crypto trading platform.” said

Dave Abner, Head of Global Business Development at Gemini, said the partnership will “set a new standard for banks and financial platforms in Australia”.

Commonwealth Bank has announced it will become the first major Australian bank to allow customers to buy, sell and hold cryptocurrency. Credit: MORGAN SETTE/AAPIMAGE

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.

POLITICS

Australia looks positively on crypto ETFs

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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.