Australia is getting ready for a crypto boom as the country’s largest securities exchange is set to list its first spot-Bitcoin ETFs by the end of 2024. The Australian Securities Exchange (ASX) is expected to approve the first spot Bitcoin exchange-traded funds for the main board by the end of 2024, following similar approvals in the U.S. and Hong Kong. Several issuers, such as BetaShares, VanEck, and DigitalX, are already working on launching their products on ASX. However, a specific timeline for the approval of spot crypto ETFs is still pending. ASX, founded in 1987, has a significant market capitalization, making it one of the world’s top 20 listed exchange groups.
According to a Bloomberg report, Jamie Hannah, deputy head of investments and capital markets for VanEck Australia, believes that self-managed superannuation programs could become key buyers of spot-crypto funds. The U.S. Securities and Exchange Commission approved multiple spot Bitcoin ETFs in early 2024, while Hong Kong conditionally approved its first spot Bitcoin and Ethereum ETFs in mid-April. This positions Hong Kong as a leader in Asia for embracing crypto as mainstream investment instruments.