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The Australian Securities Exchange (ASX) is expected to approve the directory of spot Bitcoin ETFs (exchange-traded funds) this year, Bloomberg reported, mentioning other people familiar with the matter.
According to the Bloomberg article, two Bitcoin ETF programs have already been filed and a third application is pending.
— Bloomberg Crypto (@crypto) April 28, 2024
Both apps come from VanEck Australia and BetaShares, an ETF-focused fund manager.
Bitcoin spot ETFs in Australia can generate inflows ranging from $3 billion to $4 billion in the first 3 years after approval, Jeff Yew, CEO of fund manager Monochrome, told CoinTelegraph.
The ASX is Australia’s dominant stock exchange and accounts for around 80% of the country’s trade. In March, the ASX had a domestic market capitalization of $2. 7 trillion.
Yew’s Monochrome is also in the running for approval of a BTC spot ETF. It was first implemented on the ASX in July last year and then switched to the much smaller Cboe Australia.
Bitcoin ETF approvals in Australia would allow it to follow in the footsteps of the United States and, more recently, Hong Kong, where Bitcoin and Ethereum ETFs were due to begin trading today, April 29, and be indexed on the Hong Kong Stock Exchange. as soon as possible. Like Tuesday.
? Industry News:
Hong Kong’s virtual asset spot ETF debuted and is expected to be officially indexed on the Hong Kong Stock Exchange tomorrow. Australia plans to approve a Bitcoin spot ETF until the end of the year. Bitcoin exchange balances have reached their lowest point in six years. . . .
– Chenge (@LingChennC) April 29, 2024
Hong Kong’s approval and imminent launch is a progression for cryptocurrencies as it is a testament to the development of their adoption. Although it is a smaller market than the United States, it is still arguably the main monetary center in Asia.
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Lockridge is a journalist and cryptocurrency market analyst with over 1000 articles to his credit. After graduating with a specialized degree in Journalism, Media, and Communications, he has been a component of the cryptocurrency industry for over a year. By making on-chain achievements by analyzing, breaking down the events that trigger the market, and publishing op-eds, you discover the gratification of diving deep into the crypto space,. . .
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