According to a recent Bloomberg report citing sources familiar with the matter, the Australian Securities Exchange (ASX), which handles most of Australia's trading volume, is expected to approve the country's first spot Bitcoin ETFs by the end of 2024.

Bloomberg also notes that Cosmos Asset Management and 3iQ have already submitted applications to the ASX for their spot Bitcoin ETFs, with VanEck Australia planning to follow suit. 

Meanwhile, Monochrome, another local asset manager, has opted to apply with Cboe Australia, a rival exchange.

This flurry of activity follows significant regulatory milestones in the U.S. and Hong Kong. In January, the U.S. Securities and Exchange Commission approved several spot Bitcoin ETFs that quickly generated over $200 billion in trading volume within three months. 

Similarly, Hong Kong is poised to launch its first spot Bitcoin ETF on April 30th, following recent approval.

These developments in major financial markets are prompting Australia to pursue similar offerings. 

The expected approval of spot Bitcoin ETFs by the ASX by year's end aims to position Australia to meet surging demand for these products.

The introduction of spot Bitcoin ETFs represents a notable development in Australia's Bitcoin market, reflecting growing recognition of Bitcoin as a legitimate investment. 

This shift could further encourage global adoption of Bitcoin, fostering its integration into mainstream financial systems.

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