Spot Bitcoin ETF is the pioneer to get its trading approval from the Australian Security Exchange, and it can start trading by June 20.
The Australian Security Exchange (ASX), one of Australia’s largest exchanges, allows Spot Bitcoin Exchange Traded Funds to start trading in their ecosystem by June 20.
According to a press release investment firm VanEck will issue the spot Bitcoin ETF, named the VanEck Bitcoin ETF (VBTC). This comes after the firm’s Bitcoin Trust (HODL) was recently approved to start trading spot Bitcoin ETFs in the United States on January 11.
Arian Neiron, CEO at VenEck in the Asia-Pacific region, repeatedly said that the demand for Bitcoin is increasing rapidly in Australia, especially through a “regulated, transparent and familiar investment vehicle.”
“We recognize Bitcoin is an emerging asset class that many advisers and investors want to access,” Neiron said.
“VBTC also makes bitcoin more accessible by managing all the back-end complexity. Understanding the technical aspects of acquiring, storing and securing digital assets is no longer necessary,” he stated.
It is the first time the Australian Security Exchange approved spot Bitcoin ETF, however, in the past two years, there have been two other occasions when Bitcoin ETFs have launched in Australia.
After Monochrome Bitcoin ETF’s approval, it started trading on the Cboe Australia exchange, which is the second largest exchange in Australia. The Monochrome Bitcoin ETF stated its trading on June 4.
To meet the “Australian institutional custody regulatory standards.” Monochrome keeps its IBTC’s holdings in a device that has no connection to the internet.
In April 2022, the Global X 21 Shares Bitcoin ETF (EBTC) was the first Bitcoin ETF to launch in Australia.
