Courtesy the Financial Supervisory CommissionBy the end of September, the FSC had approved professional investors to purchase overseas Bitcoin ETFs (Exchange Traded Funds) through brokerages. ‘Can everyday investors also participate?’ the legislator Lai Shi-bao asked at the meeting of the Finance Committee. ‘I suggest that we evaluate this matter over half a year to see how things progress with professional investors,’ replied the FSC chairman Huang Tien-mu.
Huang Tien-mu explained to me that the first phase invited only professional investors, who are usually able to withstand more risk; to begin with, foreign exchange of cryptocurrencies should be limited only for professional investors. They should examine the effectiveness of execution, trading volumes, and whether professional investors could understand, then review them every six months to see if they could expand the scope to general investors.
This investment opportunity is not open to just anyone, however. As only professional investors are permitted, the classification covers only institutional investors, wealthy corporate investors, wealthy individual clients, professional individual investors of substantial financial resources (worth more than 30 million TWD) and some qualified funds. Prior to investing, a risk disclosure document must be signed by all these investors. More than 38 brokering firms are involved, and will benefit from broker-consigned investment.
Source: UDN
