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Australia's ASIC has an open attitude towards Bitcoin ETFs, while China introduces new regulations to prevent illegal fundraising involving virtual money.
Regulatory Dynamics
Australia Holds a Positive Attitude Toward Bitcoin ETFs
The Australian Securities and Investments Commission ( ASIC ) recently expressed an open stance towards Bitcoin ETFs. The agency emphasized that Bitcoin ETFs are a viable option as long as investor interests can be adequately protected. However, any products listed on Australian exchanges must comply with relevant market rules. Meanwhile, leaders of the Australian Securities Exchange also stated that while they maintain a cautious attitude towards cryptocurrency-related products, they are actively assessing the feasibility of such products.
China Introduces New Regulations to Prevent Illegal Fundraising
The State Council recently announced the "Regulations on the Prevention and Disposal of Illegal Fundraising," which will take effect on May 1, 2021. Article 19 of the regulations clearly states that if funds are raised in the name of issuing or transferring equity, debt, fundraising, selling insurance products, or engaging in various asset management, virtual currency, financing lease businesses, etc., it is suspected of illegal fundraising, relevant departments should promptly organize investigations and determinations. This indicates that emerging financial businesses such as virtual currency are also included in the regulatory scope of illegal fundraising risk prevention.
Nigeria Suspends Cryptocurrency Regulatory Sandbox Program
The Nigerian Securities and Exchange Commission ( SEC ) announced the suspension of its cryptocurrency regulatory program to align with the previous crypto ban issued by the country's central bank. The SEC stated that all assessments of individuals and products affected by the central bank's circular will be suspended until these entities can operate their accounts normally within the Nigerian banking system. It is worth noting that the SEC had previously indicated in September last year that it would create a regulatory sandbox for cryptocurrencies to promote comprehensive regulation. However, following the central bank's announcement of the ban, the SEC adjusted its stance. Nevertheless, the proposal for a regulatory sandbox for non-crypto fintech companies will continue to move forward.