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đš Breaking News: The Australian Stock Exchange (ASX) abandons its blockchain-based clearing system project, opting for a partnership with TATA Consultancy Services to revamp software. ASX withdrew from blockchain implementation in November last year due to management issues, scalability concerns, and expert availability challenges. The first software overhaul is anticipated by 2026, with the second phase completing in 2028-2029. đđ„ïžđ #ASX #BlockchainProjectUpdate
âïž ASX Sued by ASIC: The Australian Securities Exchange is facing legal action for allegedly misleading statements about its now-abandoned blockchain project. ASIC claims ASX misrepresented the project's progress, leading to potential penalties. đđŒ #ASX #Blockchain #LegalNews
Australiaâs First Spot #Bitcoin #ETF Set to Launch Tomorrow đ
Australia is set to enhance its financial landscape by launching its first Bitcoin Exchange Traded Funds (#ETFs ) tomorrow.
Managed by Monochrome Asset Management, the ETF, trading under the ticker IBTC on the Cboe exchange, charges a management fee of 0.98% and tracks the CME CF Bitcoin Reference Rate index.
This initiative positions Australia as a leader in embracing crypto currency, following significant investment influxes into similar U.S. products earlier this year.
The decision to list on Cboe, ahead of the larger Australian Securities Exchange (#ASX ), which also plans to approve #BitcoinETFs by the end of the year, taps into the growing global interest in regulated cryptocurrency investments.
The U.S.âs earlier regulatory approval sparked substantial institutional and retail investments, setting a precedent that Australia is keen to follow.
With the introduction of a passive ETF, Australia simplifies Bitcoin investment and underscores its legitimacy as an institutional asset class. This move is expected to encourage further global acceptance and integration of Bitcoin into mainstream financial systems.
Australia is set to enhance its financial landscape by launching its first Bitcoin Exchange Traded Funds (#ETFs ) tomorrow.
Managed by Monochrome Asset Management, the ETF, trading under the ticker IBTC on the Cboe exchange, charges a management fee of 0.98% and tracks the CME CF Bitcoin Reference Rate index.
This initiative positions Australia as a leader in embracing crypto currency, following significant investment influxes into similar U.S. products earlier this year.
The decision to list on Cboe, ahead of the larger Australian Securities Exchange (#ASX ), which also plans to approve #BitcoinETFs by the end of the year, taps into the growing global interest in regulated cryptocurrency investments.
The U.S.âs earlier regulatory approval sparked substantial institutional and retail investments, setting a precedent that Australia is keen to follow.
With the introduction of a passive ETF, Australia simplifies Bitcoin investment and underscores its legitimacy as an institutional asset class. This move is expected to encourage further global acceptance and integration of Bitcoin into mainstream financial systems.
Aussie Exchange Makes Historic Move, Greenlights First Spot Bitcoin ETF
#CryptoAussie #BTCETF #ASX #Australia
Sydney, Australia (June 17, 2024): In a landmark decision, the Australian Securities Exchange (ASX) has thrown open its doors to the world of cryptocurrency, approving the very first spot Bitcoin exchange-traded fund (ETF) for listing. This paves the way for VanEck Australia's groundbreaking product, set to debut on June 20th, 2024.
The ASX, a dominant force controlling 90% of Australia's equity market, has long been anticipated to embrace the burgeoning world of crypto. This approval marks a significant step forward, potentially lending significant legitimacy to crypto and associated ETFs within the region.
VanEck Takes the Lead
VanEck, the issuer behind this pioneering ETF, isn't a newcomer to the crypto scene. They boast established spot Bitcoin ETFs in the US and Europe, and plan to leverage this experience to provide Australian investors with a top-tier cryptocurrency solution. Interestingly, VanEck resubmitted their application for the product back in February, highlighting their determination to be the first mover in this exciting new market.
(are you an xtrabits(dot) click Member?) Coupon Code for free 150 Tokens: SQRAussie
A Turning Point for Australian Crypto?
This news comes hot on the heels of Monochrome Asset Management's Bitcoin ETF gaining approval on the smaller Cboe Australia exchange. However, industry experts point towards the ASX's sheer size and trading volume as a far more significant platform for crypto exposure. With VanEck's ETF securing the ASX's green light, it could signal a turning point for wider acceptance of cryptocurrencies and their associated investment vehicles in Australia.
Global Crypto Hub Aspirations
This decision by the ASX aligns perfectly with Australia's ambitions of becoming a major player in the global crypto scene. Following the US's approval of spot Bitcoin ETFs in January, anticipation grew for similar moves within the Asia-Pacific region. The ASX's embrace of this innovative financial instrument positions Australia as a serious contender in the race to become a global crypto hub.
A New Era for Aussie Investors
The launch of VanEck's Bitcoin ETF on the ASX opens exciting possibilities for Australian investors. With a regulated and accessible product now available, they can now participate in the growth potential of Bitcoin alongside traditional investment options. This move by the ASX could potentially usher in a new era for Australian investors seeking exposure to the ever-evolving world of cryptocurrency.
Image Cover by: AI Microsoft Designer
Content Inspired from: cryptopaid(dot)net/btc-etf
Sydney, Australia (June 17, 2024): In a landmark decision, the Australian Securities Exchange (ASX) has thrown open its doors to the world of cryptocurrency, approving the very first spot Bitcoin exchange-traded fund (ETF) for listing. This paves the way for VanEck Australia's groundbreaking product, set to debut on June 20th, 2024.
The ASX, a dominant force controlling 90% of Australia's equity market, has long been anticipated to embrace the burgeoning world of crypto. This approval marks a significant step forward, potentially lending significant legitimacy to crypto and associated ETFs within the region.
VanEck Takes the Lead
VanEck, the issuer behind this pioneering ETF, isn't a newcomer to the crypto scene. They boast established spot Bitcoin ETFs in the US and Europe, and plan to leverage this experience to provide Australian investors with a top-tier cryptocurrency solution. Interestingly, VanEck resubmitted their application for the product back in February, highlighting their determination to be the first mover in this exciting new market.
(are you an xtrabits(dot) click Member?) Coupon Code for free 150 Tokens: SQRAussie
A Turning Point for Australian Crypto?
This news comes hot on the heels of Monochrome Asset Management's Bitcoin ETF gaining approval on the smaller Cboe Australia exchange. However, industry experts point towards the ASX's sheer size and trading volume as a far more significant platform for crypto exposure. With VanEck's ETF securing the ASX's green light, it could signal a turning point for wider acceptance of cryptocurrencies and their associated investment vehicles in Australia.
Global Crypto Hub Aspirations
This decision by the ASX aligns perfectly with Australia's ambitions of becoming a major player in the global crypto scene. Following the US's approval of spot Bitcoin ETFs in January, anticipation grew for similar moves within the Asia-Pacific region. The ASX's embrace of this innovative financial instrument positions Australia as a serious contender in the race to become a global crypto hub.
A New Era for Aussie Investors
The launch of VanEck's Bitcoin ETF on the ASX opens exciting possibilities for Australian investors. With a regulated and accessible product now available, they can now participate in the growth potential of Bitcoin alongside traditional investment options. This move by the ASX could potentially usher in a new era for Australian investors seeking exposure to the ever-evolving world of cryptocurrency.
Image Cover by: AI Microsoft Designer
Content Inspired from: cryptopaid(dot)net/btc-etf
Australian Securities Exchange (ASX) Approves 1st Spot Bitcoin exchange-traded fund (ETF)
Australiaâs largest stock exchange, the Australian Securities Exchange (ASX), has approved its first spot Bitcoin exchange-traded fund (ETF). This ETF, named the VanEck Bitcoin ETF (VBTC), will commence trading on June 20. Investment firm VanEck is the issuer of this ETF, which provides a regulated and transparent investment vehicle for Bitcoin exposure in Australia.
Itâs a significant milestone for the ASX, although itâs not the first Bitcoin ETF to launch in Australia. Previously, the Global X 21 Shares Bitcoin ETF (EBTC) and the Monochrome Bitcoin ETF (IBTC) were introduced in the country, reflecting growing acceptance and interest in Bitcoin investment products within the Australian market. đđ
Implications of ASX Approval:
The approval of Australiaâs first spot Bitcoin exchange-traded fund (ETF) by the Australian Securities Exchange (ASX) has several implications:
Mainstream Acceptance: The ASXâs decision to greenlight a Bitcoin ETF signals growing acceptance of cryptocurrencies within traditional financial markets. It provides legitimacy to Bitcoin as an investable asset class.
Accessibility: The ETF structure allows retail investors and institutions to gain exposure to Bitcoin without directly holding the cryptocurrency. This accessibility can attract a broader range of investors who may have been hesitant to navigate crypto exchanges.
Regulation and Transparency: Unlike direct ownership of Bitcoin, ETFs are subject to regulatory oversight. The VanEck Bitcoin ETF (VBTC) will adhere to reporting requirements, enhancing transparency for investors.
Market Impact: The ETFâs launch could impact Bitcoinâs price and trading volumes. Increased demand from ETF investors may drive up prices, while the ETFâs liquidity could contribute to smoother market functioning.
Risk Mitigation: Diversification is inherent in ETFs. Investors can gain exposure to Bitcoin without concentrating risk solely in the cryptocurrency. However, they should still be aware of the inherent volatility of the asset.
Educational Opportunity: The ETFâs existence may encourage educational efforts around Bitcoin and blockchain technology, fostering better understanding among investors.
In summary, the ASXâs Bitcoin ETF approval represents a significant step toward mainstream adoption and provides a regulated avenue for investors to participate in the crypto market. đđđ
#BitcoinETF #SpotETFTrading #ASX
Itâs a significant milestone for the ASX, although itâs not the first Bitcoin ETF to launch in Australia. Previously, the Global X 21 Shares Bitcoin ETF (EBTC) and the Monochrome Bitcoin ETF (IBTC) were introduced in the country, reflecting growing acceptance and interest in Bitcoin investment products within the Australian market. đđ
Implications of ASX Approval:
The approval of Australiaâs first spot Bitcoin exchange-traded fund (ETF) by the Australian Securities Exchange (ASX) has several implications:
Mainstream Acceptance: The ASXâs decision to greenlight a Bitcoin ETF signals growing acceptance of cryptocurrencies within traditional financial markets. It provides legitimacy to Bitcoin as an investable asset class.
Accessibility: The ETF structure allows retail investors and institutions to gain exposure to Bitcoin without directly holding the cryptocurrency. This accessibility can attract a broader range of investors who may have been hesitant to navigate crypto exchanges.
Regulation and Transparency: Unlike direct ownership of Bitcoin, ETFs are subject to regulatory oversight. The VanEck Bitcoin ETF (VBTC) will adhere to reporting requirements, enhancing transparency for investors.
Market Impact: The ETFâs launch could impact Bitcoinâs price and trading volumes. Increased demand from ETF investors may drive up prices, while the ETFâs liquidity could contribute to smoother market functioning.
Risk Mitigation: Diversification is inherent in ETFs. Investors can gain exposure to Bitcoin without concentrating risk solely in the cryptocurrency. However, they should still be aware of the inherent volatility of the asset.
Educational Opportunity: The ETFâs existence may encourage educational efforts around Bitcoin and blockchain technology, fostering better understanding among investors.
In summary, the ASXâs Bitcoin ETF approval represents a significant step toward mainstream adoption and provides a regulated avenue for investors to participate in the crypto market. đđđ
#BitcoinETF #SpotETFTrading #ASX
