Australia to launch its first Bitcoin ETF

What

The Cosmos Asset Management Bitcoin ETF, the first of its kind available in Australia, is set to be listed on the Cboe trading platform next week

Why

Following Russia’s invasion of Ukraine, the Australian government has decided to reform its policies surrounding Bitcoin and digital assets

What next

Alongside these reforms, Australia has also outlined a path to start accepting Bitcoin and other cryptocurrencies in the near future

The Story

In a first for the nation, the Cosmos Asset Management Bitcoin ETF will be listed on the Cboe trading platform in Australia next week.

In an unusual move, this ETF will not actually hold any Bitcoin and instead hold other ETFs that do hold the cryptocurrency as an asset.

Australian MPs claim that Russia’s invasion of Ukraine has highlighted the need for reform surrounding Bitcoin and other digital assets.

In December of last year, the Federal Treasurer, Josh Frydenberg called these changes “the most significant reforms” to Australia’s payments system in 25 years.

In addition to the reforms, Australia has since lined out a path to start accepting Bitcoin and other cryptocurrencies soon.

To read more about Bitcoin and ETFs visit our learning resource here.