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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 the ASX before the end of 2024, according to a recent report. Bloomberg Report citing anonymous sources close to the matter.
BREAKING: 🇦🇺 Australia approves the spot #Bitcoin ETF before the end of 2024: Bloomberg pic.twitter.com/pK7XadHhto
– Bitcoin Magazine (@BitcoinMagazine) April 29, 2024
Two entities, Cosmos Asset Management and 3iQ, have already applied for spot bitcoin ETFs with the ASX, while VanEck Australia is working to submit its application, according to Bloomberg.
Earlier this month, Australia-based asset manager Monochrome also applied for a spot bitcoin ETF from rival exchange Cboe Australia.
The potential launch follows major spot Bitcoin ETF approvals in the United States and Hong Kong. In January, the SEC approved several US spot Bitcoin ETFs, which attracted more than $200 billion in volume in just three months.
Meanwhile, Hong Kong's first spot Bitcoin ETF is expected to begin trading tomorrow after receiving regulatory approval last week.
The success of spot bitcoin ETFs in these major financial centers has prompted Australia to follow suit. With the ASX expected to approve spot Bitcoin ETFs by the end of the year, Australia is positioning itself to benefit from the surge in demand.
This is a major milestone for Bitcoin adoption in Australia and reflects the growing acceptance of the investment merits of Bitcoin. As more countries approve Bitcoin spot ETFs following the United States, this further validates Bitcoin and could lead to additional adoption around the world.
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