The ASX, which handles around 80% of equity trading in Australia, has recently been actively engaged with a number of issuers in relation to launching ETFs based on Cryptoasset. However, the exchange declined to provide details about the ongoing applications. As of March, the ASX recorded a domestic market Capital of $2.7 trillion.
The move to introduce Bitcoin ETF Spot funds on the ASX comes as the exchange looks to expand into cryptocurrency services. Currently, Australian investors can trade Bitcoin Spot ETFs on CBOE Australia, where the Global X 21Shares Bitcoin and Ethereum ETFs are listed. According to CBOE's website, these funds represent the only two Spot cryptocurrency funds available in Australia.
Notable candidates for new ETFs include VanEck and local companies BetaShares and DigitalX, which filed applications earlier this year.
This development is part of a larger trend in the Asia-Pacific region following the recent approval of the first batch of Bitcoin and Ethereum ETF Spot funds in Hong Kong. These funds mark a major milestone in the region's crypto markets, although their size is expected to be much smaller than their US counterparts.
The momentum for Bitcoin ETFs in Asia is huge after 11 Bitcoin Spot ETFs were launched in the US earlier this year, amassing a total net assets of $53.16 billion.
Speculation from industry giants such as Matrixport has suggested demand from Chinese investors could reach $25 billion. However, a recent report by Wu Blockchain has indicated that investments from mainland China will have limited access to ETFs in Hong Kong.
VIC Crypto compiled
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