The post ASX set to launch Australia’s first spot Bitcoin ETF appeared on BitcoinEthereumNews.com.

The Australian Securities Exchange (ASX) will debut its first exchange-traded fund directly investing in Bitcoin (BTC) on June 20. The VanEck Bitcoin ETF to launch on ASX According to reports, the first Bitcoin ETF to debut on Australia’s primary stock market is the VanEck Bitcoin ETF. This spot ETF allows investors to gain exposure to Bitcoin through a regulated, transparent, and well-established investment vehicle. Ever since the Gary Gensler-led Securities and Exchange Commission (SEC) greenlighted the U.S.’s first spot Bitcoin ETF in January, other regions have been scampering to join the bandwagon.  The launch of the VanEck Bitcoin ETF in Australia is anticipated to attract substantial capital inflows from the country’s sizable pension fund market as investors seek to diversify portfolios with exposure to digital assets. Globally, the listing of Bitcoin ETFs is gaining momentum as jurisdictions like Hong Kong and Australia have shown interest in adopting similar products.  Sydney-based BetaShares Holdings Pty and DigitalX Ltd. are preparing to list on the main Australian board, following initial listings on CBOE Australia. While these early ventures had varied success, expectations are growing that the trend will gain traction due to the exchange’s higher visibility and the recent surge in Bitcoin’s value. Hong Kong also approved its initial batch of crypto-related spot ETFs last April, positioning itself as a potential digital asset leader. The approval of the VanEck Bitcoin ETF aligns with proposed legislation from Australia’s ruling party to regulate crypto custody, decentralized autonomous organizations (DAOs), crypto taxation, and licensing of digital asset service providers. This regulatory framework is anticipated to foster a stable and clear environment conducive to the continued growth of the cryptocurrency market in Australia. Australia tightens crypto tax compliance measures In related news, the Australian Taxation Office (ATO) has initiated a broad effort to enhance tax compliance within…

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Filed under: News - @ June 16, 2024 5:04 am