Blockchain
Advisors ‘wary’ of bitcoin ETFs are on a slow adoption journey, says BlackRock exec
The highly anticipated launch of bitcoin exchange traded funds (ETFs) finally occurred in January, with financial advisors gradually beginning to incorporate them into their strategies, according to Samara Cohen from BlackRock.
Currently, approximately 80% of bitcoin ETF purchases are believed to originate from “self-directed investors who independently allocate funds, often through online brokerage accounts,” Cohen noted during her speech at the Coinbase State of Crypto Summit in New York City. One of the funds introduced earlier this year was the iShares Bitcoin Trust (IBIT).
Cohen, who serves as BlackRock’s chief investment officer for ETF and index investments, highlighted that while hedge funds and brokerages have also shown interest, registered investment advisors have approached the new products with more caution.
Recently, CNBC surveyed its Advisor Council to understand their reservations about these new products. Reasons for caution ranged from bitcoin’s well-known price volatility to its status as a relatively new asset class lacking an established track record. Concerns also included regulatory compliance and the cryptocurrency’s history of fraud and scandals.
“It’s fair to say they are cautious – it’s their responsibility,” Cohen commented on the advisors’ skepticism. “Investment advisors are fiduciaries to their clients,” she added. “With bitcoin’s history of extreme price volatility, advisors are currently engaged in portfolio construction, rigorous risk analysis, and due diligence.”
Cohen sees bitcoin ETFs as a pivotal link between cryptocurrency and traditional finance, especially appealing to investors looking to allocate funds to bitcoin without navigating separate financial ecosystems. She noted that prior to ETFs, existing avenues into crypto were inadequate for many investors’ needs.
Alesia Haas, CFO of Coinbase, described bitcoin’s adoption as a gradual process, a sentiment echoed throughout the conference sessions. Blue Macellari, head of digital assets strategy at T. Rowe Price, highlighted the cautious yet evolving approach to integrating bitcoin into portfolios, noting that for many, adopting cryptocurrencies represents a significant shift in investment strategy that requires time and careful consideration.
Source: cnbc.com
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The European Union’s landmark MiCA regulation is set to transform the crypto industry, establishing stringent standards that many current Virtual Asset Service Providers may find challenging to meet. As MiCA compliance becomes the standard for operating within the European Economic Area, crypto exchanges and asset companies must take prompt action to align their operations with these comprehensive regulations.
To support businesses in navigating this significant transition, an exclusive webinar “Adapt or Die: The Urgent Shift from VASP to MiCA” will be held on Tuesday, November 19th, 2024, at 5:00 PM (CET) time.
This session is designed to provide industry professionals with practical insights and strategies to ensure their software and operations comply with MiCA standards.
Key highlights of the webinar include:
● Detailed analysis of MiCA regulations and their implications for the crypto sector.
● Actionable steps for software adaptation to achieve MiCA compliance.
● Case study feature: How Kyrrex achieved MiCA readiness using solutions from Simplify Labs.
● Practical tools for Anti-Money Laundering, Know Your Customer processes, cybersecurity, and transaction monitoring.
The webinar will be useful for CEOs, COOs, Compliance Officers, Regulatory and Legal Professionals, Tech Managers, and Investors looking to enter or expand within the EEA market. Attendees will gain the knowledge and tools necessary to adapt and thrive under the new MiCA regulatory framework.
Featured speakers:
Vadim Rozov, CEO at Simplify Labs, brings over 20 years of management and software development experience. Under his leadership, the company is dedicated to simplifying crypto and blockchain technology, making it accessible for non-technical founders and management teams.
Kevin Plumpton, CEO at Kyrrex, is a warranted advocate with extensive expertise in finance, business, property, and international law. He specializes in corporate governance, risk, and compliance legislation, and is a prominent figure in the Anti-Money Laundering and Counter Financing of Terrorism fields. He is recognized for developing innovative KYC and due diligence platforms utilized by leading organizations.
“The crypto industry is at a critical juncture where understanding and adhering to MiCA regulations is essential for continued growth and market access,” said Kevin Plumpton, CEO at Kyrrex. “Events like these are vital for bringing together industry leaders to share knowledge and best practices, ensuring businesses can adapt effectively and sustain their operations.”
Franklin Cachia, Executive Director at CSB Group, is an accomplished professional who advises clients on taxation, financial services, AML compliance, and corporate law, among other areas. His broad expertise also encompasses gaming, GDPR, and property law.
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