The Australian Securities Exchange has approved the listing of its first spot-bitcoin ETF.
VanEck Australia's product will roll out on June 20 and will be the first of its kind to be listed on the exchange in the nation, the issuer said.
The Australian Securities Exchange (ASX), which accounts for 90% of Australia’s equity market, has approved its first spot-bitcoin {BTC} exchange-traded fund (ETF), according to a blog from the issuer VanEck.
The blog said VanEck is "launching the first bitcoin ETF on the ASX on 20 June" and that it would be the "lowest cost bitcoin ETF in Australia." VanEck resubmitted an application for the product in February.
Reports in April said DigitalX Ltd. applied for approval to ASX in February, and Sydney-based BetaShares said it was working toward launching a product on the ASX. Bloomberg had earlier reported that the first batch of spot bitcoin ETFs could be approved by ASX before the end of 2024, making this an earlier-than-expected development.
Unlike in the U.S., in Australia, firms require the approval of the regulator, the Australian Securities & Investments Commission (ASIC), and then the exchange listing the product. In May, ASIC told CoinDesk via an email that DigitalX Ltd., VanEck and BetaShares either had "the relevant licence themselves or are working with another firm that has the requisite licence."
Earlier this month, Australia-based Monochrome Asset Management’s Monochrome bitcoin (BTC) ETF (IBTC) won approval from Cboe Australia exchange, the smaller rival of ASX. At the time, the company said that the product was the first and only ETF that holds bitcoin directly in Australia.
"Despite hurdles to clear in Australia, including regulatory and exchange framework challenges, along with ASIC approval, VanEck intends to lead the way in bringing the first Bitcoin ETF to ASX investors," the blog said.
Australian industry experts told CoinDesk earlier that there was more excitement for a spot bitcoin ETF to begin trading on Cboe Australia's larger rival, ASX, due to the larger volumes available there. Thus, ASX's first approval, a VanEck product, could lend greater legitimacy to crypto and its associated ETFs in the region.
After the U.S. approved spot bitcoin ETFs in January, expectations have been high for nations in APAC to approve such products as they continue their efforts to be seen as major crypto hubs.
VanEck also said that, given that it was one of the approved spot bitcoin ETFs in the U.S. and had similar products in Europe, it plans to leverage its global expertise and infrastructure to offer Australian investors a best-in-class cryptocurrency solution.
Read More: Australia's First Spot Bitcoin ETF With Direct BTC Holdings to Go Live on Tuesday