- Monochrome has revised its application with its partner Vasco Trustees.
- Gaining a license will allow the company to introduce Australian retail investors to Bitcoin.
In order to provide investors with access to a spot Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX), Australian crypto investment company Monochrome Asset Management has revised its application with its partner Vasco Trustees.
According to the company’s release on July 14, the Monochrome Bitcoin ETF would be able to provide ordinary Australian investors with direct exposure to Bitcoin and Ether. Monochrome CEO Jeff Yew said that gaining a license will allow the company to introduce Australian retail investors to Bitcoin inside Australia’s strict regulatory framework.
Regulated Exposure to Investors
By providing a “familiar,” “structured,” and “protected environment” for Bitcoin investors, Yew thinks an ETF listing on ASX would send a “clear signal” to conventional investors that the “unregulated Wild West is coming to an end.”
According to the company’s announcement, ordinary investors may have “regulated exposure” to the cryptocurrency market via Vasco, its “Responsible Entity Partner,” which has an Australian Financial Services License.
The industry has recently been focusing on applications for spot Bitcoin ETFs, especially in the United States. Spot Bitcoin ETF registrations from major financial institutions have been seen in recent weeks.
After much anticipation, Europe’s first spot Bitcoin ETF will finally launch later this year. London’s Jacobi Asset Management, a multi-asset investing platform, was planning to launch a Bitcoin exchange-traded fund (ETF) on the Euronext Amsterdam market in the summer of 2022.
After the Terra ecosystem crashed in May 2022 and the FTX in November 2022, creating unprecedented market circumstances, the asset management had to delay the listing. The asset management said that it made the decision to debut the ETF immediately rather than wait due to a steady change in demand.
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