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Public input sought on crypto ETP’s by Australian regulators

Indications have been made The Australia Securities and Investments Commission that Bitcoin and Ether are the only two crypto assets with prospects to meet its evolving criteria for a regulated crypto ETP.

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Indications have been made The Australia Securities and Investments Commission that Bitcoin and Ether are the only two crypto assets with prospects to meet its evolving criteria for a regulated crypto ETP.

The Australia Securities and Investments Commission (ASIC) is in search of public feedback on crypto-asset exchange-traded products (ETPs), stating its awareness  of growing interest and demand in their launch on regulated Australian markets.

In a consultation paper released June 30, the regulator stated its main priority was to assess whether the “unique and ever evolving features” of crypto-asset ETPs could meet current regulatory responsibilities in a consistent manner. Given the complex nature and the fast pace of changing industry, ASIC notes it deems it essential to consult in a broader scale in order to evaluate the two key matters at stake:

“(1) If these products can meet current expectations for ETPs, which include if crypto-assets are a suitable underlying assets, whether crypto-assets can be reliably priced, and how crypto-assets are classified with respect to underlying asset rules.“(2) How product issuers can guarantee these products are compliant with the regulatory framework, with respect to the following aspects of custody, risk management and disclosure.”

ASIC’s paper shows that the regulator does not consider that all crypto assets are presently able to serve as suitable underlying assets for an ETP, while taking into consideration  its valuation of the maturity of the industry’s spot and the state of regulation of its futures market. However, the regulator is open to approving a crypto asset ETP that would be able to meet all its relevant assessment criteria. Here, the regulator notes:

“At this point in time, in our view, the only crypto-assets that are likely to satisfy these factors are bitcoin (BTC) and ether (ETH).”

Recently ASIC has become increasingly active in reaching out to domestic block chain and crypto firms. It has been attempting to create trust and collaborate with the crypto economy. Some of these firms have criticized the regulator firms for the perceived opacity of existing regulations and crypto companies’ compliance obligations.

ASIC stresses that the way in which crypto assets themselves are classified and regulated in Australia is a question for the government. Australia’s Senate Select Committee has been evaluating options for the growth of a comprehensive regulatory framework for crypto and digital assets.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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