A Bitcoin exchange-traded fund (ETF) could be coming to Australia as early as next year, if a proposal by the country’s Securities and Exchange Commission (ASIC) is approved.
The ASIC’s proposal, which was released in draft form last month, would allow Australian investors to buy and sell shares in a fund that tracks the price of Bitcoin. The ETF would be listed on the Australian Stock Exchange (ASX), and could be available as early as the first quarter of 2018.
If approved, the ASIC’s proposal would make Australia one of the first countries in the world to offer a Bitcoin ETF. The only other country that currently offers a similar product is the United States, where the Winklevoss twins’ Gemini exchange launched a Bitcoin ETF on the BATS Global Markets exchange in March of this year.
While a number of other countries, including Canada and Japan, are considering launching Bitcoin ETFs, Australia would be the first to do so in Asia-Pacific.
The ASIC’s proposal is currently open for public consultation, and it remains to be seen whether or not it will be approved. However, if it is approved, it could pave the way for other countries in the region to launch their own Bitcoin ETFs.
In conclusion, it is possible that a Bitcoin ETF could be available in Australia as early as next year. However, it is still unclear whether or not the ASIC’s proposal will be approved.
If it is approved, it could pave the way for other countries in Asia-Pacific to launch their own Bitcoin ETFs.