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    Australia’s Bitcoin ETF Approved by ASX

    Australia's largest stock market, the Australian Securities Exchange (ASX), approved the listing of its first Bitcoin exchange-traded fund (ETF) on June 20. This ETF, to be issued by VanEck, will be named the VanEck Bitcoin ETF (VBTC).

    This decision came after the success of Bitcoin ETFs in the United States, where 11 such funds have been listed since January. Following the US, Hong Kong has also launched Bitcoin ETFs.

    Arian Neiron, the CEO and Managing Director at VanEck Asia Pacific, commented on this development. He said, “The demand for access to Bitcoin via a listed vehicle traded on ASX has been increasing. Many of our clients have informed us that their clients are ready to invest.”

    Australia already had spot Bitcoin ETFs available. The first one to debut in Australia was the Global X 21 Shares Bitcoin ETF (EBTC), which launched in April 2022. More recently, the Monochrome Bitcoin ETF (IBTC) was approved and began trading on June 4 on Australia's second-largest stock exchange, the Cboe Australia exchange.

    The arrival of a Bitcoin ETF on Australia's primary exchange is a noteworthy milestone. Being the country's largest stock exchange, the ASX brings increased visibility, credibility, and accessibility to Bitcoin for both institutional and retail investors. 

    This move is expected to enhance the legitimacy and reach of Bitcoin investment products in the market.

    These approvals reflect a growing acceptance and interest in Bitcoin investment products within the Australian market and worldwide. It is anticipated that most countries will likely follow this trend and introduce similar financial products in the near future. This development signifies a broader shift towards the mainstream acceptance of cryptocurrency investments globally.

    Yana is a writer specializing in the latest crypto trends and news. She consistently shares fresh, useful, and interesting information. Her content is known for its clarity and accessibility. Yana simplifies complex crypto topics, making them accessible to everyone through her articles, blog posts, and newsletters.