The Australian Securities Exchange (ASX), which accounts for the majority of trading volume in Australia, is expected to approve the country's first spot bitcoin ETFs on ASX before the end of 2024, according to a recent Bloomberg report citing anonymous sources familiar with the matter.

Two entities, Cosmos Asset Management and 3iQ, have already applied for spot bitcoin ETFs with the ASX, while VanEck Australia is working towards submitting its application, as per Bloomberg. 

Earlier this month, Australia-based asset manager Monochrome also applied for a spot bitcoin ETF with rival exchange Cboe Australia.

The potential launch follows major spot bitcoin ETF approvals in the US and Hong Kong. In January, the SEC approved several US spot bitcoin ETFs, which attracted over $200 billion in volume within just three months. 

Meanwhile, Hong Kong's first spot bitcoin ETF is set to begin trading tomorrow after receiving regulatory approval last week.

The success of spot bitcoin ETFs in these major financial hubs has prompted Australia to follow suit. With the ASX expected to approve spot bitcoin ETFs by year's end, Australia is positioning itself to benefit from surging demand.

This is a major milestone for Bitcoin adoption in Australia and reflects the growing acceptance of Bitcoin's investment merits. As more countries approve spot Bitcoin ETFs in the wake of the US, it further validates Bitcoin and could compel additional uptake worldwide.

Source : Bitcoin Magazine / Apr 29, 2024