Australia is set to experience a crypto boom with the Australian Securities Exchange (ASX) planning to list its first spot Bitcoin ETFs by the end of 2024. ASX, founded in 1987 and with an average daily turnover of AUD $4.685 billion ($3 billion), is one of the world’s top exchange groups and could become a significant player in the crypto market.
Australia prepares for a cryptocurrency surge as the nation’s largest securities exchange plans to debut its inaugural spot Bitcoin Exchange-Traded Funds (ETFs) by the close of 2024.
It’s expected that the Australian Securities Exchange (ASX) will give its approval for the first Bitcoin exchange-traded funds (ETFs) to be listed on its main board by the close of 2024. This decision comes after similar approvals have been granted in the United States and Hong Kong.
As a researcher studying the developments in the Australian Securities Exchange (ASX), I’ve come across some intriguing news. Several companies such as BetaShares, VanEck, and DigitalX are reportedly preparing to introduce crypto exchange-traded funds (ETFs) on ASX. However, a definitive timeline for regulatory approval of these spot crypto ETFs remains uncertain. A representative from ASX confirmed that the exchange is currently collaborating with multiple issuers regarding this issue.
As a crypto investor, I’m constantly on the lookout for reliable platforms to trade my digital assets. Among them, the Australian Securities Exchange (ASX), founded back in 1987, stands out as a significant player. With an average daily turnover of approximately AUD $4.685 billion ($3 billion USD), and a market capitalization of around AUD $2.6 trillion ($1.7 trillion USD), ASX ranks among the top 20 listed exchange groups globally, making it the largest in the southern hemisphere.
In a Bloomberg article, Jamie Hannah, the deputy head of investments and capital markets at VanEck Australia, proposed that self-managed superannuation plans, which account for around a fourth of Australia’s $2.3 trillion pension pool, might become significant investors in spot crypto funds.
In early 2024, the U.S. Securities and Exchange Commission (SEC) granted approval for several Bitcoin spot ETFs to be listed on American exchanges like Nasdaq, NYSE, and CBOE. This came after a prolonged search for such products that spanned over a decade. Later in mid-April, Hong Kong conditionally endorsed its initial Bitcoin and Ethereum spot ETFs, making it the pioneer city in Asia to integrate crypto as mainstream investment tools in the region.
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2024-04-29 10:26