Australia Gets Go-Ahead to List Country’s First Bitcoin ETF Next Week

Trading could begin on CBOE Australia as early as April 27, following a seven-day notice period

April 19, 2022 11:33 am

Sydney, Australia. Credit: Shutterstock

Australia is to receive its first publicly listed bitcoin ETF via Cosmos Asset Management
The approval follows proposed legislation from Australia’s ruling party seeking to regulate crypto

Australia is set to receive its first bitcoin ETF as early as next week, the Australian Financial Review reported Monday.

Cosmos Asset Management’s bitcoin ETF — the first of its kind for Australia — stands poised to take the crown following a green light from the country’s primary clearinghouse for capital markets, ASX Clear.

Trading could begin on Cboe Australia as early as April 27 following a seven-day notice period to investors, clearing participants, brokers and market makers, beginning Wednesday.

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Like many ETFs centered on the oldest cryptocurrency, Cosmos’ product will invest in shares of the world’s first bitcoin ETF — the Purpose Bitcoin ETF — which listed via the Toronto Stock Exchange in Canada more than a year ago.

Should demand for Cosmos’ ETF follow a similar trajectory to that of Canada, between $550 million to $750 million could flow into the fund within a week as investors scramble to grab hold of one of the world’s most volatile asset classes while avoiding direct market exposure.

According to the report, ASX Clear has four market participants ready to front the 42% margin requirement for settlement risks, including one retail and three institutional clearing participants.

ASX Clear is the clearing house for all Australian shares, structured products, warrants and Australian Securities Exchange equity derivatives.

Approval of the country’s first bitcoin ETF follows proposed legislation from Australia’s ruling party seeking to regulate custody, DAOs, crypto taxation and digital asset service provider licensing, among other measures.

While the incumbent Liberal Party faces an uphill battle at the polling booth in five weeks time, the approval of a bitcoin ETF potentially clears a new path for Australia’s march toward the nascent asset class.

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