Australia’s financial regulator has given its approval nod to fintech startup Raiz to offer its Bitcoin investment retail fund. The news marks a watershed moment for the Australian crypto space with regulators previously keen on strict oversight of the industry.
ASIC OKAYS RAIZ RETAIL BITCOIN INVESTMENT PRODUCT
According to the Australian Financial Review, the Australian Securities and Investment Commission (ASIC) has granted approval for Raiz to offer its Bitcoin investment retail fund. With the ASIC approval secured, Raiz can now go ahead with its planned launch of the product before the end of Q2 2020.
Once launched, the Raiz Bitcoin investment retail fund will see 95 percent of customers’ investments placed in ETFs. The remaining 5 percent will be directly invested in Bitcoin.
The ASIC approval also opens Bitcoin investment opportunity to the over 300,000 customers already on the Raiz platform which has more than $445 million in funds under management. Of the 300,000 customers, about 211,000 are paying customers according to the company’s December figures.