Bitcoin Spot ETFs allowed Down Under
While Australia allows Bitcoin Spot ETFs, the West is tightening crypto sanctions against Russia. But Ukraine also sees itself compelled to adopt a more restrictive approach to BTC.
Australia allows Bitcoin Spot ETFs
As the world’s eighth country, Australia is paving the way for the launch of crypto-based spot ETFs. On April 27th, several stock exchange products that are directly linked to Bitcoin or Ethereum will be starting at the same time Down Under. It starts with the Bitcoin ETF from Cosmos Asset Management . Its approval has been known since April 19, experts expect an inflow of one billion US dollars into the financial product, which will be listed on the Cboe Australia stock exchange. The ETF had previously reached the required amount of clearing participants. A day later, 21Shares also announced the requirements for a listing on the Cboe Exchange to have achieved. The company wants to offer both a Bitcoin and an Ethereum ETF. Coinbase acts as custodian.
Gabor Gurbacs, director of fund manager VanEck , used the positive decision in Australia as an opportunity to criticize US ETF policy. Spot ETFs are still not permitted there, and a number of applications are still pending with the SEC . Gurbacs therefore spoke of a “big loss for investors”.
Sanctions hit Russia’s bitcoin miners
While the ETF debate in the US stagnated, Washington has already stepped up its measures against the Russian war of aggression. Because the US sanctions strategy has been trying for weeks to not leave any loopholes open for Russia in the crypto space. As a result, on April 20, the first Russian prospecting company ended up on the Ministry of Finance’s sanctions list. Moscow mining company BitRiverand its ten subsidiaries are now considered Specially Designated Nationals, their US assets are frozen, and Americans are prohibited from doing business with them. Previously, there were repeated suspicions that Russia could generate foreign exchange using Bitcoin mining. After all, the giant country has large energy reserves and a well-developed mining industry. However, because the industry relies on hardware imports, it is also vulnerable to sanctions.
Binance imposes restrictions on Russia
In addition to the US, the EU also increased economic pressure on the Kremlin last week. The fifth package of sanctions is also forcing the world’s largest bitcoin exchange , Binance, to take tougher action . It must restrict its services to all Russians who have crypto assets worth more than 10,000 euros on their Binance-have accounts. Binance puts these accounts in a “withdrawal-only” mode, with no deposits or trades allowed. The crypto exchange also blocks staked and already earned deposits. Affected Russians with more open futures and derivative positions have 90 days to close them. Russia used to be one of the largest markets for the global trading platform. Binance now believes that soon all crypto exchanges will have to follow such a restrictive course.
Ukraine bans bitcoin purchases
The West is increasingly cutting Russia off from the crypto market, but the Ukrainian central bank also has to take a restrictive course with Bitcoin and Co. To prevent “unproductive outflow of capital” from the war-torn state , the National Bank banned the purchase of cryptocurrencies with the national currency hryvnia on April 21. However, the BTC purchase with foreign currencies is permitted. However, there is an upper limit of 3,300 US dollars per month. The central bank justifies this step with reference to the applicable martial law. Some Ukrainian private banks introduced similar measures on their own back in March.
Crypto paradise Germany?
Is Germany the most bitcoin-friendly place on earth? At least that’s what the ranking of the analysis company Coincub wants 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 the “unique institutional attitude to crypto as a long-term investment for savers” spoke in favor of Germany. Coincubemphasized in particular the advanced adaptation by the Sparkasse as a positive reason for the decision. Singapore slipped to second because of 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.
