Australia anticipates a surge in crypto investment with plans for its largest securities exchange, ASX, to debut spot Bitcoin exchange-traded funds (ETFs) by the conclusion of 2024.
The Australian Securities Exchange (ASX) is poised to approve the listing of spot Bitcoin ETFs on its main board, following the footsteps of similar approvals in the U.S. and Hong Kong. Bloomberg reports that issuers like BetaShares, VanEck, and DigitalX are actively working on launching their products on ASX. However, a specific timeline for approval is yet to be finalized, as ASX remains engaged with multiple issuers.
ASX: A Key Player in the Global Exchange Market
Established in 1987, ASX boasts an average daily turnover of AUD $4.685 billion ($3 billion) and a market capitalization of AUD $2.6 trillion ($1.7 trillion), positioning it among the top 20 listed exchange groups globally and the largest in the southern hemisphere.
Potential Market Impact
Jamie Hannah, Deputy Head of Investments and Capital Markets for VanEck Australia, predicts that self-managed superannuation programs, which hold a significant portion of Australia’s $2.3 trillion pension market, could emerge as key buyers of spot-crypto funds.
Global Precedents
The move follows the U.S. Securities and Exchange Commission’s approval of multiple spot Bitcoin ETFs earlier in 2024, enabling listing on all registered national exchanges in the U.S. This landmark decision concluded a decade-long pursuit for these products. Additionally, in mid-April, Hong Kong conditionally approved its first spot Bitcoin and Ethereum ETFs, positioning the city as a frontrunner in embracing cryptocurrencies as mainstream investment instruments in Asia.
Conclusion: Australia Embraces Crypto Investment
Australia’s imminent launch of spot Bitcoin ETFs signifies a significant milestone in the country’s journey towards embracing cryptocurrency as a mainstream investment avenue. With ASX leading the charge, the move is expected to catalyze greater adoption of digital assets among institutional and retail investors alike, further propelling the global crypto market’s growth.
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