Australia’s First Bitcoin ETF Set to Launch on ASX Amid Global Trend
The Australian Securities Exchange (ASX) is set to launch its first-ever exchange-traded fund (ETF) directly investing in Bitcoin (BTC) on June 20th.
The pioneering Bitcoin ETF to be listed on Australia’s primary stock market is the VanEck Bitcoin ETF. This spot ETF provides investors with a regulated, transparent, and robust investment tool to gain exposure to Bitcoin.
Since the U.S. Securities and Exchange Commission (SEC), led by Gary Gensler, approved the first U.S. Bitcoin spot ETF in January, other regions have rushed to join this burgeoning trend.
As investors seek to diversify their portfolios with digital assets, the launch of the VanEck Bitcoin ETF in Australia is anticipated to attract substantial capital inflows from the country’s large pension fund market.
Globally, the listing of Bitcoin ETFs is accelerating, with jurisdictions like Hong Kong and Australia showing keen interest in adopting similar products.
Sydney-based BetaShares Holdings Pty and DigitalX Ltd. are preparing for listings on Australia’s main board, having initially listed on CBOE Australia. Although these early efforts have seen varied success, the trend is expected to gain momentum due to the higher profile of the ASX and the recent surge in Bitcoin’s value.
In April, Hong Kong approved its first batch of crypto-related spot ETFs, positioning itself as a potential leader in digital assets.
The approval of the VanEck Bitcoin ETF aligns with legislative proposals from Australia’s ruling party, aimed at regulating cryptocurrency custody, decentralized autonomous organizations (DAOs), crypto taxation, and licensing for digital asset service providers. This regulatory framework is expected to create a stable and clear environment conducive to the continued growth of Australia’s cryptocurrency market.
Additionally, the Australian Taxation Office (ATO) has launched extensive efforts to enhance tax compliance in the cryptocurrency sector by obtaining personal and transaction data from crypto exchanges, covering up to 1.2 million user accounts.
