Australia is preparing to join Bitcoin exchange-traded fund (ETF) bandwagon. The country's primary equity exchange, ASX Ltd, is anticipated to approve the launch of Bitcoin ETFs following similar approvals in the US and Hong Kong, Bloomberg reported.

Australia Prepares for Crypto ETFs

This year, US Bitcoin ETFs accrued an impressive $53 billion, reflecting a growing interest in cryptocurrencies among investors. Notable players like Van Eck Associates Corp. and BetaShares Holdings Pty are expected to introduce ETFs in Australia. The firms seek to capitalize on the crypto resurgence that recently pushed Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term to a record high of over $70,000.

ASX, responsible for most equity trading in Australia, is reportedly evaluating applications for spot Bitcoin ETFs. Although the exchange has not confirmed the exact timeline, insiders suggest that approvals could come before the end of the year.

This move marks a significant milestone in Australia's crypto investment landscape. It could potentially create investment opportunities for institutional and retail investors. Australia's $2.3 trillion pension market is poised to play an important role in driving inflows into Bitcoin ETFs. Individual investors can diversify their portfolios because a substantial portion of retirement assets are under self-managed superannuation programs.

These self-managed funds could emerge as significant buyers of spot-crypto funds as interest in cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term surges. Pensioners are expected to tap into the potential of digital assets as alternative investments.

Australia Renews Push for Bitcoin ETFs

While the surge in applications for Bitcoin ETFs marks a new chapter for Australia's crypto market, it is not the first time the country has attempted to launch crypto ETFs. Previous endeavors, such as Cosmos Asset Management's spot-Bitcoin ETF in 2022, experienced low uptake and were eventually delisted. However, the industry is optimistic due to the success of US Bitcoin ETFs and the evolving market dynamics.

Last year, Australia introduced a proposal to tighten regulations for cryptocurrency trading. Under the proposal, crypto exchanges operating in the country must obtain licenses from the Australian Securities and Investment Commission.

This initiative seeks to address concerns about consumer protection and the need to mitigate risks associated with the expanding crypto market. Exchanges holding assets exceeding US$ 3.2 million (AU$ 5 million) or managing funds totaling more than US$ 946 (AU$ 1,500) per individual must obtain the licenses.