Bitcoin Spot ETFs Allowed Down Under

Australia Allows Bitcoin Spot ETFs

As the eighth country in the world, Australia is leading the way in the launch of crypto-based spot ETFs. On April 27, several exchange products directly related to Bitcoin or Ethereum will start Down Under at the same time. The house’s Bitcoin ETF makes the debut Cosmos Asset Management. Its approval has been known since April 19, experts expect an influx of one billion US dollars in the financial product which will be listed on the stock exchange cboe Australia is listed. The ETF had already reached the required number of clearing participants. A day later also announced 21sharesthe requirements of a listing on the Cboe Scholarship have reached. The company wants to offer both a Bitcoin and an Ethereum ETF. Coinbase acts as custodian.

Gabor Gurbacs, director of the fund manager VanEck, took advantage of the positive decision taken in Australia to criticize the American ETF policy. Cash ETFs are still not allowed there and a number of applications have been submitted to the exchange’s supervisory authority SECOND always not. Gurbacs therefore spoke of a “big loss for investors”.

Sanctions Hit Russian Bitcoin Miners

As the ETF debate stagnated in the United States, Washington stepped up its measures against Russia’s war of aggression. Because the US sanctions strategy has been trying for weeks not to leave any loophole open for Russia in the crypto space. Thus, on April 20, the first Russian prospecting company found itself on the sanctions list of the Ministry of Finance. The Moscow Mining Plant BitRiver and its ten subsidiaries are now considered Specially Designated Nationals, their US assets are frozen, and Americans are barred from doing business with them. Previously, there were repeated suspicions that Russia could generate currency using Bitcoin mining. After all, the giant country has large energy reserves and a well-developed mining industry. However, because the industry depends on imports of materials, it is also vulnerable to sanctions.

Binance imposes restrictions on Russia

Besides the United States, the EU also increased economic pressure on the Kremlin last week. The fifth sanctions package also forces the world’s largest bitcoin exchange, Binance, to take tougher action. He is to restrict his services to all Russians who have more than €10,000 worth of crypto assets in their Binance accounts. Binance puts these accounts in “withdrawal-only” mode, with no deposits or transactions allowed. The crypto exchange also blocks staked and already earned deposits. Concerned Russians with more open futures and derivatives positions have 90 days to close them. Russia was once one of the biggest markets for the global trading platform. Binance now believes that soon all crypto exchanges will have to follow such a restrictive course.

Ukraine prohibits bitcoin purchases

The West is increasingly cutting Russia off from the crypto market, but Ukraine’s central bank must also take a restrictive course with Bitcoin and Co. To prevent an “unproductive capital outflow” from the war-torn state, the National Bank banned the purchase of cryptocurrencies with the national currency hryvnia on April 21. However, buying BTC with foreign currencies is allowed. However, there is an upper limit of US$3,300 per month. The central bank justifies this step by referring to the applicable martial law. Some Ukrainian private banks themselves introduced similar measures in March.

Crypto paradise Germany?

Is Germany the most bitcoin-friendly place in the world? At least that’s what the analytics company’s ranking wants Coincub for the first quarter of 2022. The Federal Republic was previously in fourth place, replacing Singapore in pole position. The ranking is based on a number of factors, such as the number of initial coin offerings made and the status of crypto offerings at financial institutions. A progressive crypto tax policy and “unique institutional attitude towards crypto as a long-term investment for savers” made the case for Germany. Coincub highlighted in particular the adjustment put forward by Sparkasse as a positive reason for the decision. Singapore slipped to second place due to its restrictive stance on crypto advertising and a ban on Bitcoin ATMs. On the other hand, the Netherlands, France, Spain, Hong Kong and Switzerland were able to improve their positions.