Australia’s Securities Regulator Issues Criteria for Crypto-Asset ETPs

Australia’s Securities Regulator Issues Criteria for Crypto-Asset ETPs
Australia’s securities regulator has determined that bitcoin and ether are likely to satisfy its criteria as appropriate underlying assets for exchange-traded products (ETPs).The Australian Securities and Investments Commission (ASIC) published on Friday its guidance for providers wishing to offer ETPs linked to the performance of cryptocurrency, following a request from market participants for feedback in June.For crypto to be a permissible asset for to back an ETP or other structured product, it must meet five criteria: A high level of institutional support and acceptance; reputable and experienced service providers to support the products; a mature spot market; regulated futures markets…