We have written often about how the US SEC has, to date, refused to authorize a spot Bitcoin exchange traded fund (click here), while other countries such as Canada have done so (click here).  Australia’s main market, the Australian Securities Exchange (ASX), has now given the green light for its first Bitcoin ETF, as reported by  the Australian Financial Review.

Cosmos Asset Management could launch its bitcoin ETF as early as April 27.  Interestingly, however, this ETF will not be making direct purchases in Bitcoin.  Rather, it will be purchasing crypto though the Purpose Bitcoin ETF, which was Canada’s first spot Bitcoin ETF.  According to the report, ASX Clear (the clearing house for all Australian shares) has four market participants ready to front the 42% margin requirement for settlement risks that ASX Clear was requiring, including one retail and three institutional clearing participants.


David Zaslowsky has a degree in computer science and, before going to Yale Law School, was a computer programmer. His practice focuses on international litigation and arbitration. He has been involved in cases in trial and appellate courts across the United States and before arbitral institutions around the world. Many of David’s cases, including some patent cases, have related to technology. David has been included in Chambers for his expertise in international arbitration. He is the editor of the firm's blockchain blog.