Bitcoin Down Under: Aussie Regulator Issues Block Order Against Holon’s Crypto Funds

Bitcoin and other related crypto products being offered by this Australian asset management company is now on hold. The Holon Investments Australia Limited has received cease-and-desist orders from the Australian Securities and Investments Commission. The three investment products that monitor Bitcoin (BTC), Ethereum (ETH), and Filecoin (FIL) are the focal point of the stop orders.

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The order to suspend crypto product offerings by Sydney-based asset manager Holon Investments is justified by a claim of non-compliance with TMDs, or target market determinations. This document specifies the financial product’s intended buyers, their goals, needs, and resources, as well as the product’s distribution strategy. Regulation by securities authorities is one way that crypto can earn legitimacy as the industry develops and more institutions become involved.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Related Reading: Shiba Inu Welcomes Over 100,000 Holders This Year As SHIB Tries To Ward Off The Bears Bitcoin, Other Crypto On The Crosshair The ASIC press release states that the stop order is temporary in nature, giving Holon three weeks to meet the TMDs established by the Commission. ASIC has voiced its sole concern that Holon has not “appropriately assessed the features and risks of the funds in determining their target markets. ” Image: Crypto.

News This is a significant issue since Bitcoin investors may overestimate their risk tolerance, which may result in greater losses for them. Although Holon has TMDs for the three funds, ASIC notes that the TMDs’ breadth and generality are inappropriate for the financial product due to the inherent volatility of cryptocurrencies. Genesis, a decentralized exchange, manages the funds.

This resulted from a partnership between Holon and Gemini early this year. What This Means For Bitcoin In Australia The Australian Securities and Investments Commission (ASIC) has established robust regulatory organizations to govern cryptocurrencies, making Australia an exceptionally crypto-friendly nation. With solid regulation, Australia might become the most crypto-friendly nation in the world.

The commission has also boosted the size of its cryptocurrency staff in an effort to better regulate cryptocurrencies. This action followed the Merge event, which prompted the U. S.

Securities and Exchange Commission to investigate Ethereum. The SEC argued that Proof-of-Stake cryptocurrencies, including Ethereum, Solana, and Cardano, are securities. As crypto regulation expands in Australia, legislation will play a significant role in directing the expansion of crypto in Australia and other nations.

However, crypto aficionados may be divided on the issue of regulation, as crypto and decentralized finance in general should be exempt from government control and policy. With the rise of cybercrime in the cryptocurrency field, such as the recent Binance hack , it is necessary to protect crypto investors and traders from bad actors. Related Reading: Digital Currency Could Soon Become Legal Tender In Macau – Here’s How Crypto total market cap at $898 billion on the daily chart | Featured image from PlanetWare, Chart: TradingView.

com Share Tweet Share Share Sign Up for Our Newsletter! For updates and exclusive offers enter your email. Sign Up I consent to my submitted data being collected and stored. Leave this field empty if you’re human: Christian Encila Freelance writing is Christian’s other cup of tea.

When not on his computer, he unwinds with a cold bottle of beer and laughs with his son over cartoons. Other than that, he’s just like everybody else who wants to be happy with their life. Related Posts UK Court Bans ‘Britain’s Pablo Escobar’ From Using WhatsApp And Bitcoin 9 hours ago Mango Markets Exploiter Returns Funds, Issues Statement On Twitter 19 hours ago China Seeks To Reduce Dependence On Dollar, Proposes To Issue An Asian Yuan 1 day ago Bitcoin Whale Moves 500 BTC Dormant Since 5+ Years Ago 2 days ago Bitcoin Is ‘Unique’ Regardless Of Price, Strategist At Asia’s Largest Bank Says 2 days ago Crypto Activity Exploding In Russia And Ukraine Due To War, Study Shows 3 days ago.