TL;DR Breakdown
• Australia’s first Bitcoin ETF could start in the second quarter of 2022.
• The Australian authority has not yet answered trading in ETFs.
Australia wants to venture into the world of Bitcoin ETFs. This is motivated after seeing the results of the first Bitcoin Futures ETF held by the United States.
Australian managers intend to launch its first exchange-traded fund by the second quarter of 2022, and they are waiting for the regulatory authority to approve it. The country may be the next venue for ETF trading with Bitcoin, attracting businesses and enthusiasts interested in cryptocurrencies.
Australia shows interest in Bitcoin Futures ETFs
According to local media, the purchases wave in Bitcoin ETF is being taken by other countries after gaining popularity in North America. The country enters the list of the main stakeholders towards these ETFs. As indicated by the group behind the first ETF in the country, the national authority is still trying to regulate crypto, so this market is not yet viable.
The chief executive of Betashare said regulators are being expected to address their concerns about cryptocurrencies. The head of the exchange-traded fund company clarifies that more than half of the population of the country knows about cryptocurrencies and has invested in them. The ASIC, one of the main regulatory agencies, has not addressed the crypto ecosystem, although it has not impeded its operation in the country either.
Other business entities such as the investment company, Holon, believe that the first Bitcoin ETF could be launched next year, perhaps for the second quarter. The head of the investment company says that he would like to be one of these unique exchange-traded funds for Australia.
Australian senator approves crypto free trade
Australia is experiencing a great financial change, considering that its citizens are very attracted to cryptocurrencies. Following this adoptions wave in cryptos, several senators like Andrew Bragg have given their opinion for virtual commerce.
Bragg has regulated crypto trading in Australia by submitting reports on how good its use represents. However, the national authority has not responded to the approval or disapproval of cryptos in the country.
According to the group promoting Bitcoin ETFs within the country, this support is essential for the plan to be authorized. Australian investment companies are eager to participate in Bitcoin futures investments after seeing they bring a lot of profits. This participation in Bitcoin Futures also gives value to the token, which recently crossed the band of $66000, achieving a new all-time high in its price.
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