World’s first Bitcoin ETF may find its home in the land down under as Australian accounting firm contemplates proposal

  • 12 June 2019, Wednesday, 08:10
World’s first Bitcoin ETF may find its home in the land down under as Australian accounting firm contemplates proposal
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Adoption is a major dilemma in the cryptocurrency space, with virtual assets continuously working towards legitimate approval for worldwide implementation. Bitcoin [BTC], which is evidently the most preferred one in the ecosystem due its high price valuation and popularity, has recently been trying to receive an ETF approval.

The ETF situation has been dragging on for the past few months now, with the SEC recently delaying the VanEck Bitcoin ETF proposal yet again. Despite assurances, the main concerns of the commission continue to be market manipulation and volatility.

However, according to Micky.com, a Bitcoin ETF may soon be introduced elsewhere as an Australian Accounting firm, BDO, is pushing forth a proposal for the same in the next few months. According to the report, BDO would be launching a crypto and blockchain auditing service, which would pave the way for the first Bitcoin ETF on the Australia Securities Exchange [ASX].

The accounting firm already provides its services to a majority of the ASX-backed cooperations and now, it will be able to secure audits and assurances for local virtual assets, security tokens, ICOs, and exchanges.

Tim Aman, BDO’s Leader for Financial services, told Micky,

“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.”

Previously, BDO had announced a partnership with Decentralized Capital to receive proper guidance on how to audit blockchains.

Stephen Moss, Founder of Decentralized Capital, had indicated that constructive auditing was an essential framework that needed to be covered, in order to secure regulatory approval for any Bitcoin ETF proposal.

He commented,

“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 report added that the firm will be putting in an application for a completely audited and insured ETF in the next six months.