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Australian Securities Regulator Issues Cautionary Statement to Investors

Australia’s securities regulator has issued a cautionary statement to investors ahead of the launch of Bitcoin ETFs on the Australian Stock Exchange (ASX). A spokesperson from the Australian Securities and Investments Commission (ASIC) has warned of the risks involved with cryptocurrencies, stating that "ASIC has repeatedly warned investors that crypto is risky, inherently volatile and complex."

Risks to Investors

Investors have been warned to only risk funds they are “prepared to lose.” ASIC’s cautionary stance comes as it continues to crack down on multiple crypto companies for offering unregistered securities. Cryptocurrencies are known for their volatility and unpredictable nature, making it essential for investors to conduct thorough research and due diligence before investing.

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Industry Observers Present Mixed Views

Industry observers have showcased mixed views regarding the launch, with market analyst Megan Stals noting there’s a “lot of uncertainty” around cryptocurrencies. Stals anticipates the demand to be a “slow burn, rather than a tidal wave” as Australian investors already had access to Bitcoin ETFs via foreign exchanges for months.

Simon Barnett’s Cautionary Advice

Morgan Financial advisor Simon Barnett also advised caution, underlining Bitcoin’s inherent volatility, adding that such levels are “unlike anything seen on a regulated exchange.” Barnett urged inventors willing to gain exposure to the flagship cryptocurrency to seek professional advice from someone well-acquainted with the crypto sector.

Complexity of Cryptocurrency Regulations in Australia

According to senior adviser Sharon Goodwin, seeking advice on crypto-focused products could be challenging in Australia. She asserted that cryptocurrencies aren’t included on the list of approved products, and her firm forbids such discussions with clients. Goodwin also mentioned that only a small portion of her clients have enquired about crypto-focused products, and that it’s generally considered "play money."

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Optimistic Stance from Industry Players

Despite the general lack of excitement, some market players have portrayed a more optimistic stance regarding listing. ETF issuer Betashares and Digital X, a digital asset investment firm, have both confirmed their plans to list Bitcoin ETFs. Lisa Wade, CEO of Digital X, noted that the company is “very far down the track” regarding its listing as the firm is already collaborating with ASX to get its Bitcoin ETF approved.

Potential for ASX-listed Ethereum ETF

Wade also hinted at a potential ASX-listed Ethereum ETF, which tracks the world’s second-largest cryptocurrency. Discussions around ETH ETFs have been buzzing since the U.S. Securities and Exchange Commission approved proposed rule changes to list spot ETH ETFs last month.

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