Australian Accounting Firm Pushes Proposal for World’s First Bitcoin ETF

Australian Accounting Firm Pushes Proposal for World’s First Bitcoin ETF



Australian Accounting Firm Pushes Proposal for World’s First Bitcoin ETF

Although many companies trying to launch Bitcoin exchange-traded funds (ETFs) have been turned down thanks to the regulatory issues, an Australian accounting firm, BDO, has announced the proposal for what it calls the world’s first Bitcoin ETF listed on the Australian Securities Exchange (ASX), as reported by micky.com.

BDO has been providing services to a notable number of ASX-backed companies and will now extend auditing and assurance services to local digital assets, ICOs, security tokens, and exchanges.

BDO Leader for Financial services, Tim Aman, said:

“One of the biggest barriers holding institutional investors back is the lack of transparency about the quality of digital assets. By providing comprehensive audit and assurance services, our entry into this growing sector will be a game changer for new investment into this asset class.”

Formerly, BDO collaborated with Decentralised Capital to provide a clear-cut knowledge on the functioning of the Blockchain technology for auditing. Stephen Moss, founder of Decentralised Capital, emphasized on the importance of independent auditing as a pre-requisite for attaining approval on the proposed Bitcoin ETF.

He said:

“Provided you can work with regulators and the ASX to offer investors security I think Australia is possibly an ideal place to list a Bitcoin ETF.”

The journey of Bitcoin ETF approval

ETFs provide investment expansion opportunities to the investors by tracking the assets allowing simpler alternatives to buying and selling individual assets. With the help of Bitcoin ETFs, investors do not have to be concerned about the security procedures associated with holding the cryptocurrency. Besides, investors can just buy and sell the ETF through traditional exchanges.

It is not a secret that time and again, the applications for Bitcoin-based ETFs have been rejected by the SEC on the basis of the risks of “fraudulent and manipulative acts and practices”.

In a series of rejections, the SEC turned down the petition to launch the Bitcoin ETF called Winklevoss Bitcoin Trust in 2017. A second attempt to the launch was rejected by the US financial watchdog in 2018. The joint proposal filed by VanEck and SolidX for the approval of Bitcoin ETF was stalled by the SEC yet again.

 

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