According to the Australian Financial Review, Australia’s first bitcoin The launch of the spot ETF has been delayed.
As we previously reported, with the launch of the said BTC ETF on April 27, Australia and cryptocurrency It would be a first for the world.
The ETF product, which will be managed by Cosmos Asset Management, was expected to go live at 10:30 local time after the approval of the Australian Stock Exchange.
Australia’s Bitcoin ETF Expected to Receive $1 Billion Investment
Australia’s first Bitcoin ETF was intended to attract more than $1 billion in investment and would be a success similar to that of BTC ETFs in other countries.
However, according to the latest development, the long-awaited ETF product has been delayed indefinitely.
Cboe Australia cited continued “standard controls” as the reason for delaying the ETF product.
However, according to information from various sources, an unnamed tertiary broker has stopped listing the planned ETF.
Deferred ETF Product To Follow Canadian Purpose BTC ETF Product
In addition, let us remind you that the Bitcoin ETF to be launched by the Cosmos Asset Manament company will not directly offer BTC to its customers.
If approved, the ETF product in question will follow the Canadian Purpose BTC ETF.
Founded by the cryptocurrency mining company Mawson Infrastructure Group, Cosmos already has some products on the market. Last year, the company introduced the Cosmos Global Digital Miners Access ETF.
According to the information, it was learned that other managers working on similar products in the country faced a similar delay.
Australia has recently found itself in the media as it has taken great strides in the regulation of the cryptocurrency and BTC industry.
*Not investment advice.