Australia's first bitcoin ETF has been approved for launch next week
The Cboe stock exchange platform will launch Australia's first bitcoin (BTC) exchange traded fund (ETF) next week, marking the country's first large-scale test of widespread customer demand for the cryptocurrency.
The note exchange, which manages access to the country's equity capital markets, will receive the green light to strict margin limits for the country's first bitcoin ETF after a sufficient number of market participants agree.
ASX Clear, the prominent clearing house at the center of the Australian equity capital markets, now has four market participants ready to put their money where their mouth is and meet the strict margin requirements needed to take on bitcoin settlement risk.
It is expected that three institutional-level clearing participants and one large clearing participant retail clearing participant are now willing to pay the 42% margin required by ASX Clear before trading in the Bitcoin ETF can begin.
Hamish Treleaven, Chief Risk Officer at ASX, said.
"We are now at our minimum number of clearing participants, which means we are pleased."