Australia’s first crypto ETFs was postponed just one day before their scheduled launch on April 27, according to local media reports.
The most recent delay appears to be due to a third-party brokerage that needs additional time to support ETFs trading. The products are being issued by fund managers Cosmos Asset Management and ETF Securities.
The delay was revealed by the Australian Financial Review (AFR), citing a communication from CBOE Australia, which will offer the products.
Given that the ETFs provide institutional investors with access to major cryptocurrencies such as Bitcoin and Ethereum, their listing was highly anticipated. According to recent reports, the products could see initial inflows of up to $1 billion.
No set date for Australia’s crypto ETF launch
Both Cosmos and ETF Securities, according to the AFR, were working endlessly to launch the Bitcoin and Ethereum ETFs. However, there appears to be no set date for when the products will be launched.
After more than five months since the ETFs were first disclosed, both market makers have secured all regulatory approvals required for the launch.
A major broker’s delay appears to be the last stumbling block before the ETFs go live. ASX Clear, a clearinghouse, recently announced that it is set to begin processing trades in the ETFs.
The Australian Securities regulator released guidelines for listing and trading crypto ETFs in the country in October. However, so far only large-cap tokens such as Bitcoin and Ethereum are currently allowed to be traded.
In recent months, demand for more crypto-linked exchange products has increased as institutional interest in crypto is growing.
Given that regulators have authorized the listing of products that directly follow crypto prices, Canada, Europe, and Brazil currently have the healthiest markets for the products.
Crypto ETFs in trend
However, the United States has fallen behind other countries in this regard. The race to get regulatory approval for a spot crypto ETF has been a long one, and it’s still not over.
But recent trends suggest that a spot ETF in the United States could be available before the end of the year.