The Australian Stock Exchange (ASX) is set to enable the trading of spot Bitcoin exchange-traded funds (ETFs) on its platform by the end of 2024, according to a Bloomberg report. This development could mark a significant milestone for cryptocurrency investment in Australia, reflecting growing interest and acceptance of digital assets in the mainstream financial markets.
Multiple issuers have already submitted applications to launch ETFs, indicating a strong interest from financial institutions in providing regulated crypto investment options. Among these applicants are VanEck, along with local companies BetaShares and DigitalX, who made their submissions early in the year.
This surge in applications follows the increase in assets under management by ETF issuers in the United States, which recently hit $53 billion. The growing market in the US appears to have influenced similar moves in Australia, as the financial sector seeks to capitalize on the burgeoning interest in cryptocurrencies.
A representative from the ASX confirmed ongoing interactions with several issuers interested in crypto-based ETFs. However, the representative declined to comment further on this topic.
In related news, earlier in February 2024, it was reported that the interest among Australian residents in Bitcoin spiked following the approval of spot ETFs in the United States. This shows a clear trend of increasing enthusiasm for cryptocurrency investments as they become more accessible through traditional financial channels.
Additionally, it's worth noting that Hong Kong is expected to start trading spot ETFs based on Bitcoin and Ethereum starting April 30, 2024. This move further underscores the expanding global infrastructure for cryptocurrency investments and the integration of digital assets into the conventional financial system.
With the ASX’s latest steps toward embracing Bitcoin ETFs, Australia is positioning itself as a significant player in the global cryptocurrency market, providing investors with more opportunities to engage with digital assets in a regulated and familiar environment.
