Please confirm the following selection to access the content relevant to you:
These cookies are necessary to ensure the smooth functioning of this website (e.g. session cookies, cookie to store the selected cookie preferences, etc.). These required cookies can thereforce not be deactivated.
Functional cookies are used to ensure the smooth functioning of all tools on the wesites. The entire and proper function of the webite is available to the user only with the use of functional cookies. The use of analysis cookies serves the ongoing quality improvement of this website and its content. By using them, wa aim to maximise user satisfaction.
Des produits tels que BTCetc - ETC Group Physical Bitcoin ("BTCE") sont des Exchange Traded Commodities ("ETC"), instruments financiers considérés comme des titres de créances complexes par l'Autorité des Marchés Financiers présentant des risques difficilement compréhensibles par le grand public. A ce titre, leur distribution en France répond à des règles spécifiques. Il relève de la responsabilité des intermédiaires et investisseurs professionnels souhaitant offrir des ETCs à leurs clients de s'assurer que leur distribution auxdits clients est réalisée dans le respect de la réglementation française.
Terms of website use
These terms and conditions (the “ Terms ”) tell you the terms on which you may make use of our website https://etc-group.com/ (“ Website ”).
Please read these Terms carefully before using this Website. By using this Website, you are deemed to have read and accepted our Terms and Conditions as set out below. If you do not agree to these Terms, you must not use this Website.
Your attention is particularly drawn to the disclaimers and limitations of liability set out in the sections below headed: “ Disclaimer ”, “ No Offer ” and “ Limitation of Liability ”.
Information about us
The website is owned and operated by ETC Management Ltd, a company registered in England and Wales under number 12165332 with its registered office at Gridiron, One Pancras Square, London, England, N1C 4AG.
You can contact us by email at firstname.lastname@example.org.
References to “ ETC Group ”, “ we ”, “ us ” and “ our ” in these Terms refers to ETC Management Ltd and our affiliates.
These Terms constitute the agreement between you and us for the use of this Website and the contents and services available through it.
We may change these Terms from time to time. Any changes we may make to these Terms in the future will be posted on this Website and, where appropriate, notified to you by email. By continuing to use and access this Website following such changes, you agree to be bound by any changes we make. Please review this page frequently to see any updates or changes to these Terms.
If you commit a breach of these Terms, we reserve the right at our sole discretion to immediately and without notice suspend or permanently deny your access to all or part of this Website.
We provide this Website on an "as is" and "as available" basis with all faults. We do not guarantee that this Website, or any services or content on it, will always be available or be uninterrupted. We may suspend, withdraw, discontinue or change all or any part of this Website without notice. You agree that your use of this Website is at your own risk. We will not be liable to you if for any reason this Website is unavailable at any time or for any period.
You are responsible for ensuring that all persons who access this Website through your internet connection are aware of these Terms and other applicable terms and conditions, and that they comply with them.
We may update and change this Website from time to time to reflect changes to our products and services, our users' needs and our business priorities.
Distribution of Information
The distribution of the information and material on this Website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation.
You must inform yourself about and observe any such restrictions in your jurisdiction. By accessing this Website you represent that you have done so. By accepting these Terms, you hereby confirm that you are allowed to access this Website pursuant to applicable laws.
You may use this Website only for lawful purposes. You must not use this Website in any way that breaches any applicable local, national or international law or regulation, or in any way that is unlawful or fraudulent or has any unlawful or fraudulent purpose or effect.
You must not use or attempt to use any automated program (including, without limitation, any spider or other web crawler) to access our system or this Website. You must not use any scraping technology on this Website.
Certain documents made available on this Website may have been prepared and issued by persons other than ETC Group. This includes any prospectus and additional documents thereto. ETC Group is not responsible in any way for the content of any such document.
While we take all reasonable care to ensure the information and analysis which we publish on this Website are as accurate as possible, we cannot promise that they will be complete, accurate and up to date.
Opinions and any other contents on this Website are provided by us for informational purposes only and are subject to change without notice. We are not giving you any advice (investment, financial, legal or otherwise) in respect of any of the information on this Website. You should obtain professional or specialist advice before taking, or refraining from, any action based on any information on this Website. Any reliance that you may place on the information on this Website is at your own risk.
To the maximum extent permitted by law, we disclaim any and all implied conditions, warranties and representations that this Website and the information and services available through it are of satisfactory quality, accurate, fit for a particular purpose, or non-infringing.
Nothing on this Website should be construed as an offer, or recommendation, to purchase or dispose of any product or securities. The prices and valuations published on this Website are indicative and are for information purposes only, as is other information displayed on this Website.
Any person making offer of securities described on this Website shall observe and strictly comply with restrictions on the usage of information pursuant to these Terms, as well as any restriction imposed by a prospectus published with respect of any securities described or applicable laws and regulation, including without limitation restrictions imposed by the EU Prospectus Regulation (REGULATION (EU) 2017/1129 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 14 June 2017).
Some documents displayed on this Website and its content are restricted to “Professional Investors” only and are not intended for retail or private investors. By making use, opening, or downloading such documents, you agree that you are an “Institutional Investor” (as defined here: https://www.handbook.fca.org.uk/handbook/COBS/3/5.html), and have read, understood and accepted the conditions.
The securities described on this Website are not permitted to be offered for sale in all countries and are in each case reserved for investors who are authorised to purchase the securities. Selling restrictions applicable to specific products are set out in the relevant prospectus and should be read carefully by investors. Any restrictions imposed by the relevant prospectus are in addition and without prejudice to any restriction or prohibition established by laws or regulations of any jurisdiction.
United States Persons and legal entities resident in the United States
Securities issued by ETC Group have not been registered under the U.S. Securities Act of 1933, as amended, (the "Securities Act"). The Bonds are being offered outside the United States of America (the "United States" or "U.S.") in accordance with Regulation S under the Securities Act ("Regulation S"), and may not be offered, sold or delivered within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
The information provided on this Website is not directed to any United States person or legal entity or any state thereof, or any of its territories or possessions.
U.S. PERSONS (AS DEFINED IN REGULATION S) AND LEGAL ENTITIES RESIDENT IN THE UNITED STATES MAY NOT ENTER THIS WEBSITE.
Information from this Website may not be distributed or redistributed into the United States or into any jurisdiction where it is not permitted.
Limitation of liability
ETC Group shall not be responsible for any damage (including, without limitation, damage for loss of business or loss of profits) arising in contract, tort or otherwise from the use of, or inability to use, this Website or any material contained in it, or from any action or decision taken as a result of using this Website or any such material.
We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or for fraud or fraudulent misrepresentation.
We do not guarantee that this Website will be secure or free from bugs or viruses.
You are responsible for configuring your information technology, computer programmes and platform in order to access this Website. You should use your own virus protection software.
You must not misuse this Website by knowingly introducing viruses, trojans, worms, logic bombs or other material which is malicious or technologically harmful. You must not attempt to gain unauthorised access to this Website, the server on which this Website is hosted or any server, computer or database connected to this Website.
You should always bear in mind that:
Cryptoassets are a highly volatile asset class. Your capital is at risk. The value of cryptoassets can go down as well as up and you can lose your entire investment.
Past performance is not an indication of future performance.
Rates of exchange may affect the value of investments.
Applications to invest in securities referred to on this website must only be made on the basis of the relevant prospectus.
Investors should refer to the section entitled “Risk Factors” in the relevant prospectus for further details of these and other risks associated with an investment in the securities offered by the Issuers before investing.
All content and the design of this Website are owned by ETC Group or our licensors and protected by copyright and other applicable laws.
Any copying of the website or of its content requires the prior written consent of ETC Group.
Some of the hyperlinks contained on the Website may lead the user to external websites that are not under the control of ETC Group. ETC Group does not approve or endorse the contents of such websites and does not control the content of any such websites. When the user clicks on such a link, the user will leave the Website. ETC Group is not responsible for the content of any websites reached by means of such a link.
Governing Law and Jurisdiction
These Terms and Conditions and your access to and use of this Website and the content are subject to the laws of England and Wales. However, if you are a consumer resident in another part of the UK or in any EU country, then you will also be entitled to any additional protection afforded to you under your national consumer protection laws.
You can bring legal proceedings in respect of these Terms in the English courts or, if you are a consumer resident in another part of the UK or in any EU country, the courts of your home country.
The products displayed on this website are not available for subscription or purchase by retail investors in your selected jurisdiction. Please contact your broker or financial adviser for further information.
This website and the products displayed on this website are not available to retail investors in the United Kingdom. Please contact your financial adviser for further information.
Dieser Artikel ist nur
auf Englisch verfügbar
ETC Group Crypto Minutes Week #44
Trillions of purchasing power washes into crypto with Mastercard payments deal, the US regulatory turf war hots up over stablecoins, while Australia vows to become the latest crypto-friendly nation with ETP and policy moves.
Head of Research
Mastercard enters crypto payments with Bakkt
It was inevitable, really. Once Visa crossed the Rubicon to throw its weight into crypto, the payments giant’s competitors were bound to follow. Mastercard (NYSE:MA), the 27th-largest company in the world with a $328bn market cap, announced it was partnering with Bakkt (NYSE:BKKT), the cryptoasset company recently spun off from Intercontinental Exchange, as a custodial partner.
The move means that any of the thousands of banks and millions of merchants on its network will soon be able to integrate crypto products into their daily services.
Customers will be able to buy, sell and hold digital assets, convert airline and hotel points into bitcoin, earn ‘cryptoback’ rewards from their credit and debit cards. And Mastercard is achingly keen to be speaking their customers’ new language, casually dropping ‘fungibility’ into a press statement from 25 October.
Mastercard will enable its partners to offer cryptocurrency as rewards and create fungibility between loyalty points and other digital assets. This means that consumers can earn and spend rewards in cryptocurrency instead of traditional loyalty points and seamlessly convert their crypto holdings to pay for purchases. This is the latest move by Mastercard to bring innovative loyalty options to consumers that align with their passion points.
Sherri Haymond, executive VP for digital partnerships, Mastercard
Mastercard and Visa comprise the top two credit, debit and pre-paid card payment systems worldwide outside of China. According to industry data specialists Nilson Report, Mastercard processed more than $4.5 trillion in payments volume in 2021.
This is not Mastercard’s first move in the space. In September, the credit card company agreed a dealto buy Ciphertrace, the crypto forensics startup which specialises in tracking blockchain payments for law enforcement and anti-money laundering purposes. Rivals companies include London’s Elliptic, whose investors include Wells Fargo, and Chainalysis, which raised $100m in a Series D round for a $4bn+ valuation earlier this year.
Mastercard initially dipped its toes into cryptocurrency in February 2021, following the likes of Paypal (NASDAQ:PYPL) and Square (NYSE:SQ) by supporting cryptocurrencies on its network. The company has moved aggressively to counter competitors, filing and winning 89 blockchain patents in the past three years.
Digital assets have the potential to reimagine commerce, from everyday acts like paying and getting paid to transforming economies, making them more inclusive and efficient.
Ajay Bhalla, president of cyber and intelligence, Mastercard.
SEC vs CFTC: US regulatory turf war hots up over stablecoins
A war is coming, and the outcome is not going to be pretty. On 25 October reports emerged via Bloomberg that the US Treasury was planning to give the SEC jurisdiction over stablecoins. SEC chair Gary Gensler reportedly threw his political weight behind the decision, calling for wider powers to regulate the $130bn market.
The Treasury Department and other agencies will specify in a highly-anticipated report that the SEC has significant authority over tokens like Tether [USDT], said people familiar with the matter. The report will also urge Congress to pass legislation specifying coins should be regulated similarly to bank deposits. Language was added to emphasise the SECs powers after its chair Gary Gensler pushed for changes behind closed doors, the people said.
Jesse Hamilton, Joe Light and Benjamin Bain, Bloomberg
This means the SEC and the CFTC are now locked in a power struggle over the nascent crypto space in the US. It’s a battle not just for future budget funding from Congress but for total relevance, in a revolution of the financial services industry that will impact the world for decades to come.
Stablecoins are digital assets pegged to a particular national currency like the dollar, the Korean won, or the pound sterling, and normally backed 1:1 by the underlying asset.
They are very widely used to buy and sell digital assets on cryptoexchanges without traders and investors having to revert to fiat currencies. Depending on the regulatory system in one country or another, banks can veto deposits from customer accounts into cryptoexchanges and generally make the whole process of investing far more difficult and frustrating than it needs to be.
Of the stablecoins, Tether in particular has drawn the strongest regulatory scrutiny. It is the fourth-largest cryptoasset by market cap at $70bn, and accounts for by far the most daily trading volume of any digital asset, with 24-hour volumes of more than $100bn. That’s three times larger than Bitcoin, and between 20 and 50 times more than popular top-10 assets Polkadot and Cardano.
Tether used to claim that all of its tokens were backed 1:1 by US dollars held in cash reserves, but an April 2019 affidavit to investigators at the New York attorney general’s office, its general counsel Stuart Hoegner revealed that in fact only 74% of USDT were backed by cash and cash equivalents. As such, its size and growing influence makes market watchdogs rather nervous.
Neither regulator would appear to be particularly well set-up to oversee the stablecoin market. The SEC has oversight over securities, while the CFTC deals with commodities, futures and options. Stablecoins don’t fit into any of these camps. Yes, Bitcoin futures — the basis for the first crypto ETF in the United States — are regulated by the CFTC, but in truth, stablecoins are little more than a commercial bank liability, or to put it another way, a bank deposit that changes hands on a blockchain.
It would make much more sense for a banking regulator, perhaps the Federal Deposit Insurance Corporation (FDIC) or the Office of the Comptroller of the Currency (OCC) to oversee stablecoins. However, neither of these has the political sway nor the prominence of the SEC.
The Treasury’s decision is not a normal situation by any stretch of the imagination, and it’s a move that has surprised even ardent market analysts.
It’s very convenient for the Treasury to assert that the SEC has jurisdiction over these things, typically you’d look for that designation in law.
Nic Carter, co-founder, Castle Island Ventures
CFTC acting chair Rostin Benham also testified in front of Congress, asserting that 60% of cryptocurrencies are commodities, pushing for the CFTC to have a broader mandate in regulating digital asset markets.
The hotly-awaited report by the President's Working Group on Financial Markets dropped on the mat on Monday 1 November and urged Congress to regulate stablecoin issuers like banks. Financial regulators should also assess whether stablecoins pose a systemic risk to the US and global economy, the report said.
What is likely to happen here, though, is another long delay on cryptocurrency legislation according to Reuters.
The report said Congress should also require stricter oversight of stablecoin wallet providers which hold the digital currency on behalf of customers. The conclusion is likely to disappoint advocates of stronger oversight, since it can take years for Congress to pass such laws.
Pete Schroeder and Michelle Price, Reuters
Australia vows to become latest crypto-friendly nation
Australia is the 13th-largest economy on earth with a GDP of $1.33 trillion. It is also one of the top 10 in GDP per capita, behind Switzerland, Monaco, Qatar and Luxembourg. Any move it makes to become more crypto friendly is a huge deal. And so it was with some trepidation that markets watched the progress of the country’s securities regulator deciding whether investors could take part in the this new regime change.
Finally, after months of deliberation, on 29 October the Australian securities regulator (ASIC) issued clear and unambiguous guidelines as to how issuers could release crypto exchange traded products (ETPs) to the general public.
Cryptoassets must meet a threshold of five strict criteria to be a permissible asset to back an ETP, the ASIC said.
A high level of institutional support and acceptance
Reputable and experienced service providers to support the products
A mature spot market
Regulated futures markets for trading derivatives
Robust and transparent pricing mechanisms
Given this outline, both bitcoin (BTC) and ether (ETH) “appear likely to satisfy all five factors to determine appropriate underlying assets for an ETP” , the regulator said.
Just two weeks prior, the Senate Select Committee on Australia as a Financial and Technology Centre released its highly-anticipated Final Report, with recommendations on developing a nationwide regulatory framework to incorporate all cryptoassets. The committee started its investigation back in May 2021 and has drawn in participants from across the technology and finance sectors.
Among the 12 recommendations made to policymakers was a clear emphasis on regulatory clarity and certainty, noting that both would be of huge benefit to consumers and businesses.
On licencing: Australia should have a new form of markets licence for digital currency exchanges, custody and depository requirements, and a review of AML/CTF laws to ensure they are fit for purpose.
Exchanges currently must register with AUSTRAC, but today this process is extremely light touch compared to other jurisdictions. Of the 464 exchange providers to apply to the regulator since 2018, only 4 have been refused.
A special class should be created in law for digital currency exchanges
“to ensure the regime is not business prohibitive”
, the committee said.
On taxation: Crypto mining companies should receive a company tax discount of 10% if they source their own renewable energy for such activities, the committee said, adding that the Australian government should amend existing legislation as such. The Australian Tax Office does not consider cryptoassets to be a foreign currency for tax purposes, and that should change, especially where it impacts Capital Gains Tax (CGT).
Crypto-to crypto swaps and staking/loaning crypto should probably be exempt from CGT in the same way securities lending arrangements are not taxed other than for fees.
On DAOs: The committee put forth a new definition for Decentralised Autonomous Organisations (DAOs), the legal structure behind many cryptoasset projects, especially related to DeFi. If implemented, according to legal analysts:
This will result in a new dimension to corporate law where management and governance of a corporation is shared amongst its members through smart contract. This recommendation is a strong indication that Australia is serious about enabling the digital economy.
Herbert Smith Freehills LLP, 25 October 2021
Bitcoin set a fresh all-time high on 20 October on the back of a Bitcoin ETF debuting on the New York Stock Exchange; the structure of that futures-based ETF is under consideration now and the underlying cryptocurrency could not hold on to its $67,014.31 peak. In retrospect, despite the large swings in volatility across the fortnight — including an intraday capitulation to $56,404.37 — it was much ado about nothing, with Bitcoin creeping just 3.4% higher, from $61,830.83 to $63.936.62. The new ATH will give bullish market watchers much to discuss, but it is now far more important for Bitcoin to maintain momentum above $60,000.
Ethereum careened to its own new all-time high, reaching the $4,500 milestone on 2 November 2021. The programmable money blockchain is showing no sign of slowing down as its fortunes decouple from its older cousin, and Ether added a total of 20.6% against the US dollar across the fortnight. At the moment, the blockchain is producing the kind of charts that can make bulls fall in love, ripping above its 50 day moving average and showing bullish momentum into new price discovery territory. The optimists content that $5,000 will be in sight in the not too distant future.
Litecoin holders have enjoyed a rather cheerful October, pushing on through the mid-$100s and breaching the psychologically-important $200 barrier. There’s certainly less constancy to these trading sessions, as a little more volatility returned to the payments protocol’s march upwards. From a standing start at $184.60, Litecoin swung a total of 16.6% to its peak of $214.58. $172.19 was the lowest LTC went, but it swiftly rebounded back on course to the $200 mark, ending the fortnight 9.1% higher at $201.14.
Bitcoin Cash didn’t really know where it was going as the two-week trading session wore on, pulled this way and that by bulls and bears with neither gaining much of an upper hand. BCH is at historically elevated levels in the $600 region, outpacing all of 2019 and 2020 by a considerable margin. But there appears little short-term appetite to have it approach the four-figure level that bulls crave. To its credit was a sharp 12.2% rebound from a low of $532.95. But as with Bitcoin, the volatility on show here mattered little by the end of the fortnight, as the payments blockchain slid a total of just 1.6% to finish at $597.99.