Regulators from Australia are Seeking Public Feedback on Exchange Traded Funds for Cryptocurrencies
With the passage of time, cryptocurrency and blockchain technology has managed to find their way to different regions and continents around the world. There was a time when the cryptocurrency industry was only limited to Europe and the American regions.
Over time, the industry has grown and expanded worldwide. More and more countries are trying to benefit from the technology. Among the rest of the regions benefiting from cryptocurrency and blockchain technology, it is the Latin American region that has won the show.
The Latin American region is currently under the spotlight as it has shown great interest in the adoption of the particular sector. El Salvador has already accepted cryptocurrencies as a legal entity and it is hoped that Panama, Brazil, and Mexico will soon follow.
Now, Australia has also expedited the process for the adoption of cryptocurrencies as well as blockchain technology. A few months back it was announced by the Australian Government that it was considering the adoption of the digital Australian dollar.
The regulatory authorities within the country were already looking into the possibility of adopting cryptocurrencies and gaining from them.
At present, Australia is interested to know about the exchange-traded funds for cryptocurrencies. As per the latest reports, the Australia Securities and Investments Commission (ASIC) has published a statement in regards to crypto-ETPs.
The local media reporting firms have revealed that the Australian regulator is seeking to know more about the exchange-traded funds for cryptocurrencies. However, the regulatory authority is wanting to know more about the ETPs before it proceeds with launching them.
Furthermore, the regulator is also interested to know what the public of Australia thinks about the ETPs. The regulatory authorities can easily go ahead and introduce ETPs for cryptocurrencies. What matters is how the people of Australia think about the service and how they perceive it as a source of gains and benefits.
The ASIC is interested to know the risks that would be involved when offering the exchange-traded funds for cryptocurrencies. Additionally, the regulatory authority also wants to know how much the ETPs are in public demand at the moment.
The regulatory authority is well aware of the growth and adoption rate of cryptocurrencies all over the world. The country is also aware of the situation in the Latin American region and how fast it is adopting cryptocurrencies.
However, it is also aware of the fact that the government of El Salvador has acted upon its own instinct, legalizing cryptocurrencies, and is now imposing them on 4.5 million adults in the country.
This is the reason why the ASIC is gathering all the information and feedback it can from the public to know exactly what they want. Based on the public demand, the regulatory authority would decide whether it would be the right time to work on ETPs or not.