VanEck Bitcoin ETF to Launch on ASX, Targeting Australia\'s Pension Fund Market

The Australian Securities Exchange (ASX) will debut its first exchange-traded fund directly investing in Bitcoin (BTC) on June 20.

The Australian Securities Exchange (ASX) is set to launch its first exchange-traded fund (ETF) that will directly invest in Bitcoin (BTC) on June 20.

The VanEck Bitcoin ETF to launch on ASX

As reported by local财经新闻媒体outlets, the first Bitcoin ETF to launch on Australia’s primary stock market will be the VanEck Bitcoin ETF.

This spot ETF will enable investors to gain exposure to Bitcoin through a regulated, transparent and established investment vehicle.

Ever since the Gary Gensler-led Securities and Exchange Commission (SEC) approved the U.S.’s first spot Bitcoin ETF in January, other regions have been rushing to join the bandwagon.

The launch of the VanEck Bitcoin ETF in Australia is expected to attract significant capital flows from the country’s large pension fund market as investors look to diversify their portfolios with exposure to digital assets.

Globally, the listing of Bitcoin ETFs is gaining momentum as jurisdictions such as Hong Kong and Australia have shown interest in adopting similar products.

Sydney-based BetaShares Holdings Pty and DigitalX Ltd. are preparing to list on the main Australian board, following initial listings on CBOE Australia. While these early ventures had mixed success, the trend is expected to gain traction given the exchange’s higher visibility and Bitcoin’s recent rally.

Hong Kong also approved its first batch of spot crypto ETFs last April, positioning itself as a potential leader in digital assets.

The approval of the VanEck Bitcoin ETF comes as Australia’s ruling party proposes legislation to regulate crypto custody, decentralized autonomous organizations (DAOs), crypto taxation and licensing of digital asset service providers. This regulatory framework is expected to create a stable and clear environment for the cryptocurrency market to continue flourishing in Australia.

Australia ramps up crypto tax compliance measures

In other news, the Australian Taxation Office (ATO) has launched a major effort to improve tax compliance in the cryptocurrency sector by requesting personal and transaction data from crypto exchanges, covering up to 1.2 million user accounts.

This move is part of the ATO’s strategy to clamp down on potential tax evasion in the rapidly expanding cryptocurrency market. The ATO will be able to identify traders who may have underreported their crypto-related activities, such as converting digital assets into fiat currency or using them for transactions.

The data sought by the ATO includes a wide range of personal details from users, such as their names, addresses, dates of birth, phone numbers and social media profiles, as per the ATO’s notice. Moreover, the tax authority is requesting transaction specifics, such as bank accounts, wallet addresses and details of the cryptocurrencies traded.

In a bid to curb financial risks and protect its citizens from gambling-related problems, the Australian government has implemented a ban on the use of credit cards and cryptocurrencies for online betting.

This measure, which came into effect on June 11, aims to prevent people from gambling with borrowed funds or using digital currencies, thereby promoting responsible gambling practices throughout the country.

At the time of writing, Bitcoin (BTC) trades at $66,177, down 4.6% on the weekly timeframe, according to CoinGecko data.

News source：https://www.kdj.com/cryptocurrencies-news/articles/vaneck-bitcoin-etf-launch-asx-targeting-australia-pension-fund-market.html

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