Just-In: Australia’s First Crypto ETFs Delayed Just Before Launch Date
Australia’s first crypto ETFs were delayed just a day before their planned launch on April 27, according to reports from local media.
The latest delay appears to be due to a third-party brokerage that requires more time to support the trade of the ETFs. The products are being issued by fund managers Cosmos Asset Management and ETF Securities.
The Australian Financial Review (AFR) reported the delay, citing a communication from CBOE Australia, which will list the products.
The listing of the ETFs was hotly anticipated, given that they provide institutional investors with access to major cryptocurrencies such as Bitcoin and Ethereum. Recent reports said the products could see initial inflows of as high as $1 billion.
No clear date for Australia’s crypto ETF launch
According to the AFR, both Cosmos and ETF Securities were working ceaselessly to launch the Bitcoin and Ethereum ETFs. But there appears to be no clear timeline for when the products will be launched.
Both market makers had received all the regulatory approvals needed for the launch, after over five months since the ETFs were initially revealed.
The delay by a major broker appears to be last hurdle before the ETFs go live. Clearing house ASX Clear also recently said it is set to begin processing trades in the ETFs.
In October, Australia’s securities regulator had released guidelines for listing and trading crypto ETFs in the country. But so far, only trading in large-cap tokens Bitcoin and Ethereum is permitted.
Crypto ETFs in vogue
Demand for more crypto-linked exchange products has surged in recent months, amid growing institutional interest in crypto.
Currently, Canada, Europe and Brazil have the healthiest markets for the products, given that regulators have allowed the listing of products that directly track crypto prices.
But the United States has lagged other countries in this aspect. The race to receive regulatory approval for a spot crypto ETF has been a long one, and is yet to reach fruition.
But recent trends suggest that a spot ETF in the U.S. could be possible by the year-end.
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