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The Australian Securities Exchange (ASX) is reportedly set to approve the first spot-Bitcoin (CRYPTO: BTC) exchange-traded fund (ETF) in the country before the year ends.
What Happened: The ASX, which oversees the majority of Australia’s equity market, is expected to give the green light to the first spot-Bitcoin ETFs before the end of 2024, as per a reported Bloomberg on Monday citing individuals familiar with the matter.
Local entity DigitalX Ltd. submitted an application in February, while VanEck resubmitted its application in February, as announced last month. Sydney-based BetaShares informed Bloomberg that it is working towards launching a product on the ASX.
ASX stated in January that it “does not comment on investment product applications” but continues to engage with several issuers interested in admitting crypto-asset-based ETFs, according to CoinDesk.
Approval for Bitcoin ETFs in and around Asia has gained momentum following U.S. approvals. Last week, Hong Kong officially approved the first batch of spot Bitcoin and ether ETFs.
ASX did not immediately respond to Benzinga's request for comment.
See Also: Is The ‘Memecoin Supercycle’ Over? Mad Crypto Alpha With Ivan
Earlier in April, Australia-based Monochrome Asset Management applied for a spot Bitcoin ETF with the global listing exchange, Cboe Australia, a smaller rival of ASX. Monochrome chose Cboe Australia due to its expertise across Asia and broader investor access.
Why It Matters: The approval of Bitcoin ETFs in Australia is a significant development in the global cryptocurrency market. The U.S. has already approved Bitcoin ETFs, and the recent approval in Hong Kong indicates a growing acceptance of these financial products in Asia.
Meanwhile, other financial giants are also looking to expand their Bitcoin ETF offerings. Morgan Stanley is considering allowing its network of brokers to actively recommend Bitcoin ETFs to clients, potentially increasing the accessibility of these products to a wider audience.
However, the approval of Bitcoin ETFs does not necessarily guarantee the approval of other cryptocurrency ETFs. A notable crypto analyst, Michaël van de Poppe, has expressed doubts about the prospects of an Ethereum (CRYPTO: ETH) ETF approval in the U.S., emphasizing the strength of the Ethereum ecosystem despite the potential for an upward trend in Ethereum's value.
Read Next: Holding 10,000 Dogecoin Could Make You A Millionaire, Predicts Crypto Analyst
Image: Eivind Pedersen from Pixabay
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