Preparation for approval of Bitcoin from Australia
Australia set to approve Bitcoin exchange-traded funds
Australia is set to approve a Bitcoin exchange-traded fund, following in the footsteps of the US and Hong Kong.
APPROVAL IS EXPECTED BEFORE THE END OF 2024
ASX Ltd is expected to approve the first spot-Bitcoin ETFs before the end of 2024.
Funds that invest directly in Bitcoin and Ether will begin trading in Hong Kong on Tuesday.
Sydney-based BetaShares said it was working to launch a product on the ASX. Another local player, DigitalX Ltd. He said that he made an application during the half-year results in February. VanEck, which offers similar ETFs in the U.S. and Europe, re-filed in February.
Justin Arzadon, head of digital assets at BetaShares, said capital inflows into Bitcoin spot ETFs in the US "prove that digital assets are here to stay." Arzadon added that the company has reserved ASX tickers for spot-Bitcoin and spot-Ether ETFs.
An ASX spokesperson said the exchange "continues to engage with a number of issuers interested in accepting crypto asset-based ETFs" but declined to confirm a timeframe.
