According to Bloomberg, which cited persons familiar with the situation, the first spot-Bitcoin {BTC} exchange-traded funds (ETFs) are anticipated to be approved by the Australian Securities Exchange (ASX), which controls 90% of Australia’s equity market, by the end of 2024.
Local company DigitalX Ltd. submitted an application in February, according to the newspaper. VanEck said last month that it had resubmitted an application in February. According to Bloomberg, Sydney-based BetaShares is aiming to release a product on the ASX.
A number of issuers who are interested in having their crypto-asset-based exchange-traded funds (ETFs) admitted, according to ASX, but the company “does not comment on investment product applications.”
Following U.S. approvals, there has been an increase in momentum for Bitcoin ETFs throughout Asia. The first set of spot bitcoin and ether ETFs were formally approved by Hong Kong last week.
The Australian company Monochrome Asset Management submitted an application for a spot bitcoin ETF earlier this month to Cboe Australia, a worldwide listing exchange. A lesser rival of ASX is Cboe Australia. Among other reasons, Monochrome stated at the time of the announcement that it chose Cboe Australia because of its experience in Asia and easier access for investors.