Australia becomes increasingly crypto-friendly

It looks like crypto adoption in Australia pushed through the boundaries of the old world, forcing it to enter the new one.

Only 2 months ago we wrote about banks denying their services to crypto businesses and the absence of a clear regulatory framework.

Now the Commonwealth Bank of Australia is announcing its intentions to offer crypto services to its customers, a group of senators proposing a set of crypto-friendly regulations, and the Australian Securities and Investments Commission (ASIC) greenlighting ETPs (exchange-traded products) based on cryptocurrencies.

The ASIC’s guidelines on the ETPs will surely be of a great use to its financial sector, hungry for crypto.

This week Australian fund management company BetaShares launched an ETFs based on crypto-related and crypto-holding companies like Galaxy Digital, Microstrategy and Coinbase, smashing the ASX (Australian Securities Exchange) records within 15 minutes of listing: the best ETF launch so far generated AUD 8M, while the BetaShares’ CRYP fund recorded a whopping AUD 42.5M