Australian Securities Exchange Set to Launch Bitcoin ETFs by 2024

ASX prepares for the introduction of spot Bitcoin exchange-traded funds, following global trends.

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  • The Australian Securities Exchange (ASX) may approve its first spot Bitcoin ETFs by the end of 2024.
  • BetaShares, VanEck, and DigitalX are among issuers planning to launch these products.
  • The U.S. and Hong Kong have already approved similar cryptocurrency investment vehicles.
  • Spot crypto ETFs could attract significant interest from self-managed superannuation programs in Australia.
  • ASX is one of the top 20 listed exchange groups globally with a market cap around AUD $2.6 trillion.

According to Bloomberg, the Australian Securities Exchange (ASX) is on track to potentially approve its first spot Bitcoin exchange-traded funds (ETFs) by late 2024, aligning with developments in other major markets like the U.S. and Hong Kong.

Global Trend Towards Crypto ETFs

In recent years, financial markets worldwide have seen growing acceptance of cryptocurrencies as investment assets through various fund structures including ETFs which allow investors to buy into cryptocurrencies without directly purchasing or holding them.

This trend reached new heights when the U.S., followed shortly by Hong Kong, introduced their own versions of these funds earlier this year.

A Kangaroo and a personified Bitcoin
A Kangaroo and a personified Bitcoin

Potential Impact on Australia’s Financial Market

According to Jamie Hannah from VanEck Australia, there’s a strong potential market within Australia’s self-managed superannuation programs which manage about a quarter of the nation’s $2.3 trillion pension assets; they could be key investors in these new financial products.

While specific details regarding timelines for approval remain unclear, an ASX spokesperson confirmed ongoing discussions with multiple issuers aiming at introducing their crypto-based financial products on one of Southern Hemisphere’s largest exchanges.

With an average daily turnover reaching approximately AUD $4.685 billion (~$3 billion), ASX stands out not only as a major player locally but also on the global stage among top exchanges—a position that will be further solidified by embracing innovative investment solutions like cryptocurrency ETFs.

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Hong Kong ETFs

Just to remind you, in mid-April 2024, Hong Kong conditionally approved its first spot Bitcoin and Ethereum ETFs, positioning the city to lead Asia as the first to embrace crypto as mainstream investment instruments in the region. 

This move came a few months after the U.S. Securities and Exchange Commission approved multiple spot Bitcoin ETFs for listing on all registered national exchanges in the U.S. 

The approval of these crypto ETFs in Hong Kong is expected to further drive the adoption of digital assets as a legitimate investment option for both retail and institutional investors across Asia.

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