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July 10, 2018 @ 14:50 +03:00
Cboe, the world’s largest futures exchange, has filed for a bitcoin ETF with the US Securities and Exchange Commission (SEC), to enable investors in the public market to trade bitcoin.
The official document filed by CBOE with the SEC emphasized that the Trust, referring to Cboe, will only invest in bitcoin on behalf of investors. Essentially, Cboe will facilitate over-the-counter (OTC) trades amongst accredited investors in the traditional finance market, while insuring funds in bitcoin acquired by investors.
As of July, Cboe is one of the three financial institutions alongside SolidX and Gemini (Winklevoss twins) to file for a bitcoin ETF with the US SEC. The other ETFs were rejected by the SEC in 2017 due to lack of overseas regulations and price manipulation. At the time, leading cryptocurrency markets like Japan and South Korea did not have practical regulatory frameworks and policies in place to govern the cryptocurrency market.
Since then, the global cryptocurrency industry has drastically changed in almost every aspect. The Japanese government has remained at the forefront of global cryptocurrency regulation, leading the G20 to unify regulations for crypto exchanges and investors.
Financial authorities of South Korea, who previously were reluctant towards regulating the cryptocurrency market because they feared local investors would recognize it as a move to legitimize the crypto exchange market, also finalized its plans to acknowledge crypto trading platforms as fully regulated financial institutions.