Australia’s First Bitcoin ETF Receives Approval for Imminent Launch

Australia’s First Bitcoin ETF Receives Approval for Imminent Launch
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Australia's First Bitcoin ETF Receives Approval for Imminent Launch

Australian investors will be able to trade its first Bitcoin spot ETF starting next week when the Cosmos Asset Management Bitcoin ETF Launches on ASX Clear, Crypto News Australia.

04/20/2022

The Australian Financial Review says that financial regulators have approved Australia’s first Bitcoin (BTC) exchange-traded fund (ETF) to begin trading on April 27. It might attract up to $1 billion in inflows, Crypto News Australia.

Australia’s First Bitcoin ETF

An ETF is a regulated exchange-traded fund that allows investors to profit from the price of Bitcoin without directly owning any coins.

Cosmos Asset Management beat out local rivals VanEck, BetaShares, and also EFT Securities to launch Australia’s first Bitcoin ETF. Even though each firm had been in the running to secure regulatory approvals since at least March, according to the Sydney Morning Herald.

With permission by the Australia Securities Exchange (ASX) Clear capital markets clearinghouse, the Cosmos Asset Management Bitcoin ETF will be launched on CBOE Australia.

Australian officials have been striving to establish clear laws for the crypto business

According to a report published by AFR on Tuesday, Cosmos received approval after securing a minimum of four market players to back the 42 percent margin criteria needed to cover risk.

Through the Canadian Purpose Bitcoin ETF, the Cosmos Bitcoin ETF provides indirect exposure to spot Bitcoin investing.

Over the last year, Australian officials have been striving to establish clear laws for the crypto business.

The Australian Securities and also Investments Commission (ASIC) wants more authority over the industry. However, Senator Andrew Bragg thinks that is inappropriate until cryptocurrency is recognized as a financial asset under Australian law, according to a report.

By Elah Mae Ariate Wozinga Staff

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