Decentralized Capital Could Introduce The First Bitcoin ETF On the ASX via BDO Accounting Firm
- Decentralised Capital could introduce the first Bitcoin ETF in the world
- In order to do so, the firm is working with BDO
According to a recent report released by Micky, Decentralised Capital founder Stephen Moss said that it is necessary to have reputable independent auditing to secure regulatory approval for their proposed Bitcoin ETF. This would eventually become the first Bitcoin ETF approved in the world. Decentralised Capital is a company focused on blockchain technology that develops services for institutions.
The ASX Could Host The First Bitcoin ETF
There have been several trials to create a Bitcoin ETF and have it approved in the United States. Several companies presented their proposals but none of them was able to be approved by the U.S. Securities and Exchange Commission (SEC).
Mr. Moss said that Decentralised Capital is going to put in an application for a fully audited and insured ETF in the next six months. He said that the firm can work with regulators and the ASX in order to offer investors security.
At the moment, BDO provides services to a large number of ASX listed companies, and it can provide auditing and assurances services for local cryptocurrencies, Initial Coin Offerings (ICOs), security tokens, and exchanges.
According to Tim Aman, BDO’s National Leader for Financial Services, this is a game changer that would attract a larger number of institutional investors to the blockchain and crypto markets. In order to provide the know-how for the audits, Decentralised Capital and BDO signed a partnership.
Decentralised Capital is currently working on an Australian dollar stablecoin and a digital token that would be redeemable for gold bullion and it is called xbullion.
Mass commented about BDO:
“Everything we’re doing in this space requires a reputable auditing firm. Institutional investors probably wouldn’t invest in a property fund that isn’t audited so why would they invest in blockchain fund that isn’t audited?”
Moss has also talked about the controversies that Tether (USDT) and Bitfinex experienced a short time ago. He said that it is very important to have transparency and credibility in the blockchain and crypto markets.