Monochrome Asset Management, an Australian crypto investment firm, has submitted an updated application to launch a spot Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) in partnership with Vasco Trustees.
The Monochrome Bitcoin ETF will enable retail investors in Australia to gain direct exposure to Bitcoin and Ether (ETH), according to the company’s announcement on July 14. Jeff Yew, the CEO of Monochrome, emphasized the regulatory advantages of a Bitcoin ETF, stating that it allows investors to access the asset class in a regulated manner, ensuring investor protection and operating within established regulatory boundaries.
Yew believes that the introduction of a Bitcoin ETF on the ASX would send a clear message to traditional investors that the unregulated nature of the crypto market is coming to an end. With investments backed by a familiar, structured, and protected environment, it would provide greater confidence for investors considering exposure to cryptocurrencies.
Monochrome’s partner, Vasco, is authorized under an Australian Financial Services License to offer regulated exposure to the cryptocurrency market for retail investors. This regulatory backing enhances the credibility and security of the proposed Bitcoin ETF.
The spotlight on spot Bitcoin ETFs has been growing globally, with particular attention on the United States. Several major financial firms, including Fidelity, Invesco, Wisdom Tree, Valkyrie, and the asset management giant BlackRock, have recently filed applications for spot Bitcoin ETFs, indicating the increasing interest in providing regulated access to cryptocurrencies for traditional investors.
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