Australia's initial three cryptocurrency ETFs all miss their planned debut.

The scheduled debut of Australia’s first three Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) has been delayed as a result of further “checks” that must be completed.

According to the Australian exchange, Cboe Australia, which is slated to list the Bitcoin Spot ETF from Cosmos Asset Management, “standard checks prior to the start of trading are still being completed” and a “further update will be provided in the coming days.”

The same warning was extended to two spot ETFs from 21Shares planned for release today, a Bitcoin ETF and an Ether ETF.

According to Cointelegraph, a representative for 21Shares stated that “the infrastructure is being built from the bottom up” and that a “service provider downstream needs more time to support the launch,” but didn’t go into detail.

It’s conceivable that an entity with the power to postpone listings until it’s ready to handle the trade of the products, such as a prime broker or major institution, is to blame for the delay.

“The issue affects all fund managers equally and has caught everyone by surprise. The service provider is working to resolve this as quickly as possible to remain on track.” The underlying asset for the Cosmos ETF is a direct investment into the Canadian Purpose Bitcoin ETF, North America’s first Bitcoin exchange-traded fund. The funds issued by 21Shares are backed by Bitcoin and Ether reserves held in cold storage by Coinbase.

The Cosmos ETF is invested in a Canadian Purpose Bitcoin ETF, which is the first Bitcoin exchange-traded fund in North America. The 21Shares funds are backed by Coinbase’s cold storage reserves of Bitcoin and Ether.

The approval for the Cosmos Bitcoin ETF has been delayed, according to reports. Australian wealth management firm Zerocap’s Toby Chapple told Cointelegraph that the delay is “not a major problem.” When asked about the Cosmos Bitcoin ETF, he stated:

“You would think an ETF which invests in another ETF would be easier to handle, but the broker will just be ensuring they have all their ducks lined up before they go live.”

The funds will only be used to invest in crypto assets. Even with the extended wait, investors appear to be taking it in stride according to several people close to the project. The waiting game has reached a new level of length and complexity, however. According on various individuals close to the project, there doesn’t appear to have been much of an impact:

“While this isn’t an ideal start for the ETF’s, it will be looked at as only a minor speed bump in an otherwise successful result for the crypto asset industry in Australia.”

She added: “The traditional finance sector is attempting to figure out how to adapt their businesses to a new asset class, it’s a journey that both crypto and TradFi are on together.”

“The Cosmo Purpose Bitcoin Access ETF” from Cosmos Asset Management was given the go-ahead by the Australian Securities Exchange (ASX) on April 19 to begin trading after a seven-day notice period, and it is expected to bring in around $1 billion once it debuts.

The two 21Shares ETFs were given authorisation at roughly the same time, lining all three funds up on the same launch date.

The failure of its previous crypto ETFs hasn’t deterred Shareskeet from releasing a new one. The United States Securities and Exchange Commission (SEC) rejected its Bitcoin ETF, which was set to trade on the Cboe BZX Exchange, in April because the exchange did not satisfy listing standards for financial instruments.

The Australian Taxation Office has a Bitcoin tax calculator on its website, but the application does not appear to be accessible in Australia. Crypto Tax Calculator Australia is a tax calculator software that can help you figure out how much money you’ll owe in taxes on your bitcoin transactions in Australia. With three pricing tiers (free trial, basic, and advanced), calculating your tax is so simple!