Spot Bitcoin ETFs planned in Australia
The Australian Securities Exchange (ASX) is expected to approve Australia's first spot Bitcoin ETFs by the end of 2024. Two companies, Cosmos Asset Management and 3iQ, have applied to list their spot Bitcoin ETFs on the ASX, while VanEck Australia is also in the process of submitting its application. Another company, Monochrome, has applied for the same ETF on the Cboe Australia, indicating strong interest in cryptocurrency-based financial products in the country.
International developments
This move follows the successful launch of similar ETFs in the United States and Hong Kong. The US Securities and Exchange Commission approved several US spot Bitcoin ETFs earlier this year, which achieved over $200 billion in trading volume in three months. Similarly, trading in Hong Kong will begin on the first spot Bitcoin ETF.
Bitcoin adoption in Australia
The launch of spot Bitcoin ETFs in Australia is seen as a game-changer for Bitcoin adoption in the country and highlights the growing acceptance of Bitcoin as a viable investment option. This could potentially lead to increased global adoption, given the precedent set by other major financial markets.
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