Business

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.

Published

4 years ago

June 30, 2021

Crypto News Team

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.

Related Topics:Australia crypto news ETPS Regulators

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Business

Vitalik Buterin criticizes crypto’s moral shift toward gambling

Published

2 days ago

February 20, 2025

Crypto News Team

Ethereum co-founder Vitalik Buterin has expressed concerns over a “moral reversal” in the crypto industry, particularly regarding criticism of Ethereum’s stance on blockchain gambling. In a recent AMA, he noted that some have condemned Ethereum for not welcoming casinos, while other blockchains have embraced them. Buterin stated that if the community continues to shift its values in this direction, he may reconsider his role in the space.

Despite these concerns, Buterin emphasized that in-person interactions with the Ethereum community reassure him that core values remain intact. He urged developers to work toward a decentralized future aligned with ethical principles rather than just profit-driven ventures.

His comments coincide with the Ethereum Foundation’s shift in its funding approach. Following criticism of its Ether sales, the foundation recently allocated 45,000 ETH into DeFi platforms like Aave and Compound. This move was widely praised as a step toward supporting decentralized finance without market disruptions.

As Ethereum navigates these challenges, Buterin’s remarks highlight the ongoing debate about blockchain ethics and the industry’s future direction. The conversation around gambling applications and decentralized finance underscores the tension between financial innovation and maintaining a moral compass in crypto.

Business

UAE saw 41% increase in crypto app downloads in 2024

Published

2 days ago

February 20, 2025

Crypto News Team

Crypto app downloads in the UAE surged by 41% in 2024, reaching 15 million, with a record 2.8 million installs in December, according to AppsFlyer. This increase was largely driven by market trends and rising adoption, especially in the latter half of the year.

Donald Trump’s election win and pro-crypto stance reportedly played a role in boosting adoption, with his surprise memecoin launch further attracting first-time investors. This trend also contributed to a rise in crypto app downloads in the U.S.

Aggressive marketing campaigns accounted for 60% of traffic, though retention remained a challenge, as one in five apps was uninstalled within 30 days. Despite this, crypto app downloads in the UAE hit 3.5 million in January, surpassing half of 2023’s total.

With 2025 projected to be a record-breaking year, market experts suggest crypto companies should continue leveraging marketing strategies to expand their user base. The UAE’s rapid growth in crypto adoption highlights the region’s increasing role in the digital asset industry.

Business

Brazil approves first spot XRP ETF as local bank eyes stablecoin on XRPL

Published

2 days ago

February 20, 2025

Crypto News Team

Brazil has approved its first spot XRP exchange-traded fund (ETF), the Hashdex Nasdaq XRP Index Fund, which will soon begin trading on the country’s B3 exchange. The fund, managed by Hashdex, joins a growing list of crypto investment products in Brazil, including Bitcoin and Ethereum ETFs. The approval comes as the U.S. Securities and Exchange Commission (SEC) reviews multiple spot XRP ETF filings from major firms like CoinShares and WisdomTree.

In response to this development, XRP saw an 8% price increase, reaching $2.72, bringing it within 20% of its all-time high. This surge reflects growing investor confidence in XRP-based financial products. Meanwhile, market analysts expect the approval of additional crypto ETFs worldwide as regulators reassess their stance on digital assets.

Simultaneously, Braza Group, a financial institution in Brazil’s interbank market, announced plans to launch BBRL, a stablecoin pegged to the Brazilian real. Built on the XRP Ledger, BBRL aims to enhance international payments and digital asset accessibility in South America. Initially, the stablecoin will be available only to institutional clients, with broader adoption expected in 2025.

Braza Group’s participation in Brazil’s central bank blockchain initiative, DREX, underscores the country’s efforts to integrate digital assets into its financial system. With crypto adoption surging, Brazil’s latest moves in stablecoin and ETF approvals signal growing institutional confidence in blockchain-based finance. Read more.