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.
“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.
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Bitcoin is an enterprise; its users are comparable to traditional shareholders, claims Goldmoney Founder
Bitcoin was conceived in the backdrop of banks bailouts and the 2008 financial crisis. The recession and the loss of faith in banking, financial institutions gave Bitcoin a platform to rescue the ones affected, giving them hope for a better financial system without the hassle of corrupt institutions. With the rise of Bitcoin’s fame, both in the darknet and in the mainstream, questions about its regulations had to arise.
The question was put to rest when the SEC/CFTC ruled Bitcoin as a commodity and taxed it. However, Goldmoney’s Roy Sebag brought this discussion up again recently in his tweet thread, where he said that Bitcoin as an enterprise is working towards its good, comparing its users to traditional “shareholders” among other things, while concluding that Bitcoin is a security. He tweeted,
“Is Bitcoin a security? <10 years old so regulators haven’t even had enough time to truly learn how it works (think Napster or Kazaa in early days). Miners are clearly issuing coins and responsible for governance, an absence of formal relations among them is irrelevant….”
In successive tweets, Sebag attributed miners with the role of “stewarding” the so-called enterprise. In return, these miners get paid in “direct fees” or in “share appreciation.” In Bitcoin’s case, it is the mining reward, which is “BTC”. Similarly, buyers are compared to “shareholders” with a common interest in the enterprise, i.e. profit. Sebag added,
“Coins trade at exchanges. The common enterprise is designed for the price appreciation of coin.”
Bitcoin could face a shutdown by the government, just like it did with big players in file sharing, said Sebag, who added that Bitcoin could also be interpreted as a security under the “34 act of the SEC.” The Goldmoney Founder concluded that “this realization rests on the belief that neither Bitcoin nor any common enterprise is truly decentralized.”
However, his inputs weren’t very well-received by many in the crypto-community. Casa’s CTO Jameson Lopp refuted Roy Sebag’s ideas, tweeting,
“Roy will believe what he wants to believe, though if he’s not actually participating in Bitcoin then his beliefs are irrelevant to its consensus formation.”
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