Australia is preparing for a significant development in the cryptocurrency market as the country’s largest securities exchange, the Australian Securities Exchange (ASX), is getting ready to list its first spot Bitcoin ETFs by the end of 2024.

Several issuers, including BetaShares, VanEck, and DigitalX, are in the process of launching their spot Bitcoin exchange-traded funds on the ASX. While there is no specific timeline for the approval of these ETFs yet, ASX is actively engaged with multiple issuers on this matter.

Established in 1987, ASX boasts an average daily turnover of AUD $4.685 billion (~$3 billion) and a market capitalization of around AUD $2.6 trillion (~$1.7 trillion), making it one of the top 20 listed exchange groups globally and the largest in the southern hemisphere.

According to a Bloomberg report, Jamie Hannah, deputy head of investments and capital markets for VanEck Australia, believes that self-managed superannuation programs, which hold a significant portion of the country’s pension market, could become key buyers of spot-crypto funds.

The U.S. Securities and Exchange Commission (SEC) recently approved multiple spot Bitcoin ETFs for listing on registered national exchanges in the U.S., such as the Nasdaq, NYSE, and CBOE. Similarly, Hong Kong conditionally approved its first spot Bitcoin and Ethereum ETFs, positioning the city as a leader in Asia in embracing cryptocurrencies as mainstream investment instruments.

Australia’s foray into the crypto market with the listing of spot Bitcoin ETFs on ASX signifies a significant step towards mainstream adoption of cryptocurrencies as legitimate investment options. It is a clear indication of the growing acceptance and recognition of digital assets in the traditional financial landscape.

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