Australia’s first spot Bitcoin ETF to be launched by ASX

Exciting news for crypto enthusiasts! The Australian Securities Exchange (ASX) is set to launch its very first exchange-traded fund dedicated to Bitcoin (BTC) on June 20.

Introducing the VanEck Bitcoin ETF on ASX

As per trusted sources, the pioneering Bitcoin ETF to grace Australia’s main stock market is the VanEck Bitcoin ETF.

This innovative spot ETF empowers investors to tap into the potential of Bitcoin through a secure, transparent, and established investment instrument.

Since the emergence of the groundbreaking spot Bitcoin ETF in the U.S. earlier this year, spearheaded by SEC’s Gary Gensler, various regions are rushing to partake in this financial revolution.

The impending launch of the VanEck Bitcoin ETF in Australia is poised to attract significant investments from the country’s pension fund sector as investors strive to broaden their portfolios with exposure to digital assets.

Internationally, the momentum for listing Bitcoin ETFs is on the rise as regions like Hong Kong and Australia express interest in embracing similar products.

Companies like Sydney-based BetaShares Holdings Pty and DigitalX Ltd. are gearing up to debut on the primary Australian platform after making their initial appearances on CBOE Australia. With heightened visibility and the recent surge in Bitcoin’s value, optimism is brewing that this trend will gain widespread acceptance.

Hong Kong also recently granted approval for its first batch of crypto spot ETFs last April, positioning itself as a prospective leader in the digital asset realm.

The approval of the VanEck Bitcoin ETF is in alignment with the planned legislative measures from Australia’s ruling party aimed at regulating crypto custody, decentralized autonomous organizations (DAOs), crypto taxation, and licensing digital asset service providers. This regulatory framework is expected to foster a secure and transparent environment conducive to the ongoing expansion of the cryptocurrency market in Australia.

Australia enhances crypto tax compliance operations

In a related development, the Australian Taxation Office (ATO) is intensifying efforts to improve tax compliance within the cryptocurrency industry by requesting personal and transaction data from crypto exchanges, covering approximately 1.2 million user accounts.

This initiative forms part of the ATO’s strategy to combat potential tax evasion within the rapidly evolving cryptocurrency sector. The ATO aims to identify traders who may have inaccurately reported their crypto-related activities, such as converting digital assets into fiat currency or using them for transactions.

As outlined in the ATO’s statement, the requested data encompasses a wide array of personal information from users, including names, addresses, dates of birth, phone numbers, and social media profiles. Additionally, the tax authority is seeking transaction details such as bank accounts, wallet addresses, and specifics of the cryptocurrencies exchanged.

In a bid to mitigate financial risks and safeguard the public against issues related to gambling, the Australian government has implemented a ban on the utilization of credit cards and cryptocurrencies for online betting.

This measure, which came into effect on June 11, intends to prevent individuals from engaging in gambling activities using borrowed funds or digital currencies, thereby promoting responsible gambling practices nationwide.

As of the latest update, Bitcoin (BTC) is trading at $66,177, marking a 4.6% decline over the past week, based on data from CoinGecko.