Australian Cryptocurrency Update
/Crypto.com visa card launching in Australia
Crypto.com, a cryptocurrency platform, is moving to expand its footprint in Australia with a Crypto.com Visa Card launch. Crypto.com is encouraging the use of cryptocurrency in everyday life. Australia’s fintech-friendly environment means a solid footing for expansion. Karl Mohan, with a senior role at NAB behind him, is the new general manger of Asia-Pacific.
Australians can convert cryptocurrency to Australian dollars and pay with their card wherever Visa is accepted. Perks with the program include 8 per cent back on all spending, complimentary airport lounge access and 100 per cent rebates for Spotify, Netflix and Amazon Prime subscriptions, with no annual or monthly fees.
The company has acquired an Australian financial services licence and has been involved in lobbying for cryptocurrency adoption in Australia via submission to the Senate Select Committee on Australia as a Technology and Financial Centre, which was included in the final report of the inquiry in October.
The committee recommended a regulated custody or depository regime for cryptocurrencies, alongside market licensing regimes for exchanges. Crypto.com Tax was also developed by the company so Australians can file complex crypto taxes in minutes.
BetaShares launches Crypto Innovators ETF
BetaShares has launched BetaShares Crypto Innovators ETF, an exchange-traded fund (ETF) setting a new first-day record for trading value on the ASX. The company also has plans to launch a Bitcoin and Ethereum-backed ETF, aiming for the spot price of the two most popular cryptocurrencies.
The new fund offers exposure to global innovators in the cryptocurrency space, from pure-play companies to companies with crypto business lines.
CBA to offer crypto services via Gemini and Chainalysis
The Commonwealth Bank of Australia (CBA) is to be the first Australian bank to offer the buying, selling and holding of cryptocurrency assets via the CommBank app.
CBA has partnered with a large cryptocurrency exchange and custodian, Gemini, and a blockchain analysis company, Chainalysis. The result is a crypto exchange and custody service offered to CBA customers via the already-existing app.
The pilot is in progress, with more features rolled ot across 2022. Up to 10 selected crypto assets will be available.
ASIC releases guidance on crypto-asset investment products
The Australian Securities and Investments Commission (ASIC) has released guidance for the industry to ensure regulatory obligations are met regarding crypto-asset exchange-traded products (ETPs) and other investment products. The guidance includes good practices for operators and providers.
Responsible entities will need to hold an authorisation in relation to crypto-assets, with a new category added to licensing applications.
See ASIC’s good practices in Information Sheet 225 Crypto-assets (INFO 225) and Information Sheet 230 Exchange traded products: Admission guidelines (INFO 230).
Cosmos launch crypto miners ETF on Chi-X Australia
Cosmos Asset Management has launched an ETF providing exposure to digital asset mining and blockchain infrastructure companies. The Cosmos Global Digital Miners Access ETF has been listed on Chi-X Australia, and is linked to the Global Digital Miners Access Index. The index was developed by Cosmos and is independently calculated and maintained by S&P Dow Jones Indices.
