The Australian Securities Exchange (ASX), Australia's largest stock exchange, could approve several spot Bitcoin ETFs before the end of the year.
Applications from VanEck Australia and local ETF-focused fund manager BetaShares are expected to receive approval in the coming months.
The increase in applications for spot Bitcoin ETFs can be attributed to the success of similar products in the United States.
This has given confidence to launch these products in Australia, with the aim of demonstrating the longevity and importance of digital assets.
The CEO of crypto asset management firm Monochrome, Jeff Yew, who has also filed an application with another Australian exchange, has described Australia as a very cryptocurrency-centric country.