Australia is preparing to launch its first spot Bitcoin-based exchange-traded funds (ETFs) by the end of this year, according to recent information published by Bloomberg.
According to the publication, Australia’s ASX stock exchange is expected to list its first approved batch of spot Bitcoin ETFs by the end of 2024. According to the report, sources familiar with the matter confirmed the information.
Companies such as Monochrome Asset Management and BetaShares await approval from the Australian Securities Exchange (ASX) and Cboe Australia.
The report noted that some issuers, including giant VanEck and local companies such as BetaShares and DigitalX, submitted their respective applications for Bitcoin ETFs in early 2024.
On January 11, the US Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs in the country, ushering in a new phase in the cryptocurrency industry.
How Are Cryptocurrencies Regulated in Australia?
More than one million Australian citizens, representing 5% of the population, hold crypto, as reported by the Roy Morgan Research Institute. Other studies indicate that up to 20% of Australians own such assets. Participation in the crypto industry in the country has seen steady growth, however, only a fraction of crypto holders, around 20%, are aware of the dangers associated with these digital investments.
The crypto sector has historically been susceptible to cyberattacks, fraud, rug pulls and bankruptcies, resulting in significant losses for investors. The incidents that occurred in 2022 revealed the vulnerability of renowned and considered secure platforms, such as FTX and Celsius, as well as investment funds such as Three Arrows Capital (3AC), emphasizing the risk inherent in engaging with such entities.
The turbulence experienced in 2022 instigated a global regulatory response to the digital asset market, with Australia aligning itself with a stricter stance in an attempt to safeguard consumers.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/australia-podera-aprovar-etfs-de-bitcoin-a-vista-ate-fim-do-ano/
