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Cryptocurrency

20 Apr 2022

Australia’s First Bitcoin ETF Set to draw $1 Billion after Commencement Next Week

Australia’s First Bitcoin ETF Set to draw $1 Billion after Commencement Next Week

The Index Today

Australia’s first Bitcoin ETF is set to launch next week on April 27 after receiving approval from the country’s fiscal regulators.

According to the Australian Financial Review, the ETF could also attract up to $1 billion in cashflows, reported Coin Telegraph.

The Cosmos Asset Management Bitcoin ETF, which has been sanctioned by the Australia Securities Exchange (ASX) to be registered on CBOE Australia, affords users the opportunity to spot Bitcoin investing via the Canadian Purpose Bitcoin ETF, reported Coin Telegraph.

As per Zerocap’s Kurt Grumelart, “The event marks a large step forward for Australia and mainstream acceptance of the crypto industry as a whole.”

This comes as Australia continues to work on developing clear, definite regulations to govern crypto activities in the country over the past year.