In the midst of the recent fall in the prices of digital assets, will be removed from the list of three crypto exchange-traded funds (ETFs), introduced in Australia earlier this year.
Bloombergreportedthat the exchange run by Cboe Australia had received requestsfromCosmosPurposeBitcoinAccessETF,CosmosPurposeethereumAccess to ETF and Cosmos Global Digital Miners Access ETF to cancel their quotes.
The results disappoint issuers
Dan Annan, executive director of the Cosmos, said:“While we firmly believe in the asset class, we are all disappointed with this result; however, we will continue the process in the best interest of all holders of units”.
Australia's first crypto ETFs debuted on local exchange Cboe Global Markets on May 12 following a delayed launch with Cosmos Purpose Bitcoin Access ETF as one of the leading candidates.
The report noted that Global X Bitcoin and Ethereum funds, which have a combined market value of around A$8.5 million , are still available in Australia, adding that Cosmos Bitcoin and Ethereum Funds, which feed into funds listed in Toronto and managed by Purpose Investments.
Australia awaits passage of cryptocurrency bill
Bloomberg analyst Rebecca Without explained: "Australia's hope of becoming Asia's crypto hub is now dimming, especially after Hong Kong just announced a path for Bitcoin and Ether ETFs."
On October 31, the Hong Kong government released a policy statement on the growth of virtual assets in the Special Administrative Region (SAR). Additionally, the government stated that it would be open to the idea of allowing cryptocurrency ETFs on its markets.
Another problem Australia seems to be dealing with is the sky - high inflation rate . The rate of inflation in the country hit a 32-year high , with more domestic investors flocking to the digital asset sector.
Last month, Australian Liberal Senator Andrew Bragg introduced bill to regulate crypto assets to ensure Australia keeps up with the global pace.”
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