Australia is expected to approve the first Bitcoin ETFs

ETFs based on spot Bitcoin are expected to soar in Australia.
Hong Kong is also getting ready to launch its spot exchange-traded funds for Bitcoin and Ethereum.
Chinese asset managers are preparing to introduce spot Bitcoin and Ether exchange-traded funds.
Exchange-traded funds (ETFs) based on spot Bitcoin are expected to soar in Australia because, by the end of 2024, ASX, the primary market operator in the nation, plans to approve the first set of spot-based Bitcoin ETFs.
While DigitalX Ltd. has filed an application and VanEck, a significant participant in US and European Bitcoin ETFs, has resubmitted its proposal, local company BetaShares is working on a product for the ASX.
Bitcoin ETFs
While they are mum on specifics, ASX is in talks with several potential issuers about crypto-based exchange-traded funds (ETFs). This is not Australia’s first effort at Bitcoin ETFs; two years prior, the smaller CBOE exchange launched with a spot Bitcoin ETF offered by Sydney’s Cosmos Asset Management.
Now that issuer Monochrome Asset Management is requesting CBOE clearance for its Bitcoin ETFs, the focus appears to be moving to the major ASX platform. The increase of spot Bitcoin ETF assets under management to over $53 billion as of April 24 in the US is followed by applications in Australia.
By the end of April, Hong Kong is also getting ready to launch its spot exchange-traded funds for Bitcoin and Ethereum. Similar to the success of the extremely profitable US Bitcoin funds, Chinese asset managers are preparing to introduce spot Bitcoin and Ether exchange-traded funds.