Earlier today, pro-crypto lawmaker Andrew Bragg reached out to the ASIC, asking it to prioritize the locally developed crypto assets like ETFs during its listings. He wrote to them after a locally made ETF that was supposed to list last week was delayed. Bragg has also clarified that he has no intentions to fight against the listing of international crypto assets but is seeking to boost the country’s innovation.
While the asset listing has been delayed, others are under the regulators’ microscope. A Canada-based 3iQ Digital Asset Management has handed in the paperwork for their 3iQ CoinShares Bitcoin Feeder ETF and 3iQ CoinShares ETher Feeder ETF with the CBOE Australia.
Senator Bragg asks regulators to list local ETFs
Senator Bragg has reacted following the delay of Australia made crypto ETF that should have been greenlit last week. He asked the ASIC to handle the matters of listing crypto assets to encourage innovation in the country.
Bragg chaired the parliamentary committee that was meant to regulate cryptos in Australia, making him a significant voice. The Australian Financial Review reported the news about him advising the authorities to prioritize locally made cryptos earlier today.
In his letter to the agency chairman, Joseph Longo, Bragg expressed that it would be a bad decision to let foreign ETFs with a direct link to the crypto space flood the Australian market before the domestic ones. He continued that it is not a matter of fighting foreign competition but encouraging innovation domestically.
The delayed EXTF was made by the Cosmos Asset Management and ETF securities organization and was supposed to list on April 27. However, it was postponed owing to prime brokers. The ETF was supposed to list on ASX Clear last week after the ASIC approved it.
According to Sydney Morning Herald, the asset was set to beat out domestic contenders BetaShares, VanECK, and ETF Securities in being the first organization to offer a Bitcoin Exchange Traded Fund (ETF). It had already recorded the minimum of four market participants required to hit the 42% margin requirements needed to cover risks. However, it will now hit the market at a later date with no guarantee of being the first Bitcoin ETF to launch there.
Andrew Bragg reacts to the growth of crypto adoption in Australia
Senator Andrew Bragg is an outspoken crypto campaigner and believes that the innovation will be a game-changer the world over. He has expressed his ideas about adopting crypto-assets in Australia for a long time now. Bragg even became the chairman of the Parliamentary committee spearheading the regulation of cryptos in Australia a while back.
The country has been experiencing a notable growth in adoption rate among institutional and individual investors. Its growth is also not expected to slow down anytime soon, as a report by EY expresses that the Australian crypto market may grow from the current $2.1 B to $68.4B in the next eight years.
Bragg also does not seem to slow down about campaigning for the technology. He has expressed that he aims to make the country a global leader in the financial technology industry (fintech). He also wants it to be a hub for digital assets.
The developments of crypto adoption in Australia come when the world is also adopting the assets at a great rate. Despite the ongoing bear market, people are still increasingly engaging in the adoption of digital currencies in 2022. A recent report by Gemini shows a growing interest in these assets.
However, it also indicated that more work has to be done as most people still do not know how to use cryptos.