- The ASX is currently reviewing a number of applications for a cryptocurrency-based exchange-traded fund (ETF), several industry sources have confirmed to Business Insider Australia, with some optimistic a fund could be launched as soon as this year.
- While the ASX cannot comment directly on applications to list, the exchange did confirm it is spending an enormous amount of time focused on digital assets.
- Its an emerging asset class and its appropriate we put in time in the time and effort into what these assets might look like when theyre admitted to the public markets, general manager of listings Max Cunningham told Business Insider Australia.
Australias largest share market is on track to bring cryptocurrency investment to the mainstream, with an exchange-traded fund (ETF) in the works.
Four years on from the last boom and bust, the Australian Securities Exchange (ASX) has told Business Insider Australia that digital assets have now become too established for the exchange to turn a blind eye.
You can see how mainstream this has become at an institutional level in developed markets, like the US, Canada, Europe, and the UK. You cant ignore that. We cant ignore it, and were not, ASX general manager of listings Max Cunningham said.
Local issuers who want to bring these products to market are not ignoring it either. So we are spending an enormous amount of time focused on this.
While the ASX does not comment on potential listings, Business Insider Australia has confirmed with multiple sources that a number of ETF applications are currently being assessed by the exchange.
None wished to be identified by name in this article, but all have confirmed that the wheels are in motion.
Its difficult to estimate when one might be approved, with both regulators and policymakers to varying degrees required to sign off on the assets, but some sources suggested theyre optimistic it would happen as soon as this year.
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