Australia Getting Ready for Major Bitcoin ETF Launches in 2024

Did you know that Australian financial regulators are currently in discussions to potentially approve the first Bitcoin spot ETF product by the end of this year? That’s right – Australia may soon join the ranks of countries offering this popular investment option.

While there are already 11 Bitcoin spot ETF products available in the US, Australian players are eager to enter the market. After seeing the success of these ETFs in the US and Hong Kong, it’s no surprise that Australia wants to bring their own native Bitcoin spot ETF to investors.

Reports have indicated that ASX Ltd, Australia’s primary securities exchange, is considering approving its first spot Bitcoin ETFs. Sources close to the matter reveal that these approvals could potentially happen before the year’s end.

Experts believe that the introduction of Bitcoin spot ETFs in Australia could be a game-changer, especially with the nation’s robust $2.3 trillion pension sector potentially driving significant inflows into these new financial instruments.

According to a Bloomberg report, nearly a quarter of the nation’s retirement assets are held in self-managed superannuation funds, indicating a strong market potential for Bitcoin spot ETFs.

With US Bitcoin ETFs already amassing $53 billion in assets since January 2024, Australia is poised to make a significant impact in the competition. However, some experts caution that gaining approval for the first Bitcoin spot ETF product in Australia may pose challenges for fund managers.

Hong Kong & Bitcoin spot ETF

In other exciting news, Hong Kong recently approved Bitcoin and Ethereum spot ETF applications on 15 April 2024. These approved ETF products are set to commence trading on 30 April, sparking optimism about their contribution to the Bitcoin market.

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