Is Australia The Next Country To Approve A Bitcoin Spot ETF?
One Australian investment bank thinks the country could support a Bitcoin Spot ETF with $500 million AUD ($375 million USD worth of assets.
Covered:
- Prospects of Australia Approving A Bitcoin Spot ETF
- Canada Emerging As Leader In Bitcoin ETFs
Prospects of Australia Approving A Bitcoin Spot ETF
Following the massive success of Canada’s physically-backed ETF, it appears several Australian investment banks are bullish on the possibility of a Bitcoin Spot ETF in the land down under.
Alex Vynokur, CEO of 20 Billion dollar fund BetaShares, thinks it might be just a matter of time because of the growing interest in crypto among Aussies. “At the moment, we’re seeing some stats in Australia that well over a million Australians own an investment in cryptocurrencies directly,” Vynkokur said. “We do think that over time we will see Bitcoin and hopefully other cryptocurrency exchange-traded funds available.”
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According to Sydney Morning Herald, Heath Behncke, a managing director at Holon Fund, believes an Australian Spot ETF could be ready by mid-2022.
Nevertheless, there are still some regulatory hurdles for the ETFs to go over. However, they don’t appear to be as daunting as the US. Australian Senator Andrew Bragg recently recommended the country begin custodying crypto, among other initiatives.
While the ETF awaits approval, Australia readies Bitcoin-adjacent investments. The aforementioned BetaShares is launching an ETF next month tracking companies with crypto exposure, similar to a recently launched US ETF.
Canada Emerging As Leader In Bitcoin ETFs
Alistair Mills, director at BetaShares, believes an Australian ETF could succeed similarly the way Bitcoin ETFs have succeeded in Canada. “I don’t think there’s anything to say that if you listed one here it couldn’t grow to at least half that in a similar time frame,” Mills said referring to billion-dollar Bitcoin ETFs trading on the Toronto Stock Exchange.
Canada was the first country in the world to approve a Bitcoin Spot ETF, which it did back in March. It has since also approved a Bitcoin Futures ETF.
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Unlike Australia, the US doesn’t appear to be using Canada as a model. SEC chair Gary Gensler appears to have no immediate plans to approve a spot ETF.
Even after approving a futures ETF. A wildly successful one at that.
The post Is Australia The Next Country To Approve A Bitcoin Spot ETF? appeared first on CryptosRus.
Text source: CryptosRus
