{"id":36338,"date":"2023-01-08T09:36:29","date_gmt":"2023-01-08T09:36:29","guid":{"rendered":"https:\/\/lydian.io\/?p=36338"},"modified":"2023-01-08T09:36:29","modified_gmt":"2023-01-08T09:36:29","slug":"competitors-stand-firm-even-as-two-australian-crypto-etf-providers-exit","status":"publish","type":"post","link":"https:\/\/lydian.io\/competitors-stand-firm-even-as-two-australian-crypto-etf-providers-exit\/","title":{"rendered":"Competitors stand firm even as two Australian crypto ETF providers exit","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
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Two digital asset exchange-traded fund (ETF) issuers in Australia are set to exit the market amid heightened regulatory oversight and a deepening crypto winter, though some stay bullish available on the market's prospects.<\/p>\n
Over the previous week, Australian crypto ETF suppliers, together with Holon Investments and Cosmos Asset Administration, have hinted that they could be exiting the crypto ETF scene.<\/p>\n
On Nov. 6, Holon stated it might shut its three retail crypto funds after a tricky stance from Australia's monetary regulator, which accused the fund of \"failing to explain the dangers to buyers in its goal market identification filings.\" . ac<\/a>lacing<\/a> on a report by the Australian Monetary Evaluation (AFR).<\/p>\n It comes after the Australian Securities and Investments Fee (ASIC) issued a tentative cease order on Oct. 17 towards Holon's three funds for non-compliant goal market rules (TMDs). <\/p>\n The AFR report notes that Holon has argued that the crypto funds have been designed as a part of a diversified portfolio quite than as a part of an funding technique, though this will likely have fallen on deaf ears. <\/p>\n One other crypto ETF issuer, Cosmos, additionally jumped with final week's announcement that it might delist its crypto ETFs from the Cboe Australia trade. <\/p>\n Based on the report, sources indicated that Cosmos failed to draw sufficient belongings underneath administration to stay worthwhile. It additionally had excessive crypto custody overheads {and professional} legal responsibility insurance coverage prices.<\/p>\n Based on public disclosures in September, Cosmos had round $1.6 million in AUM for its mixed BTC and ETH funds.<\/p>\n Associated:<\/strong> <\/strong>Three crypto ETFs are set to be delisted in Australia because the crypto winter rages on<\/strong><\/p>\n Nevertheless, some crypto ETF suppliers seem to stay dedicated to the market, which is predicted to see one million new crypto adopters within the subsequent 12 months, based on a current survey by crypto trade Swyftx. <\/p>\n Suppliers presently working within the Australian crypto ETF market embody 3iQ Digital Asset Administration, Monochrome Asset Administration and World X Australia, previously generally known as ETF Securities. <\/p>\n