According to a recent blog update, the Australian Securities Exchange (ASX) has given approval for the listing of the VanEck Bitcoin ETF on June 20. Since 2021, VanEck has been working to secure a spot BTC ETF in Australia and became the first entity to formally apply for such products with the ASX. VanEck’s refiled its BTC ETF bid in February, citing success in the U.S. and advanced regulatory policies in Australia. In the latest update, VanEck confirmed that it received regulatory approval from the Australian Securities & Investments Commission (ASIC), one of the two agencies, along with ASX, that must approve products before listing.
By launching on the ASX, VanEck will gain access to the majority of Australia’s capital market. However, the ASIC has warned investors to remain cautious of the risks associated with investing in funds that track cryptocurrency prices. There is speculation that Asia’s markets could emerge as the next crypto hub to approve crypto ETFs. While spot BTC funds have already been launched in Hong Kong, the investment products have seen only moderate flows compared to their U.S. counterparts.