Australian-based crypto investment firm Monochrome Asset Management has updated its application to offer a spot Bitcoin (BTC) exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) through its partner Vasco Trustees.
The ETF โ Monochrome Bitcoin ETF (IBTC) will be able to offer retail Australian investors direct exposure to Bitcoin (BTC) and Ethereum (ETH), according to the firmโs July 14 announcement.
Australia joins the #Bitcoin race.#spot #bitcoinetf @MonochromeAsset https://t.co/hqXb9RY5HL pic.twitter.com/KEEXHQ9Eo6
โ Jeff (@jeffyew_) July 13, 2023
Speaking to Cointelegraph, Monochrome CEO Jeff Yew explained that by obtaining a license, Australian retail investors will be exposed to Bitcoin within a formidable regulatory landscape:
โThrough a Bitcoin ETF it makes it possible for them to buy and use the asset class in however they see fit with the investment choices [and] in a regulated manner, and also operating within the regular regulatory perimeter.โ
โSo that is the benefit I guess compared to say unregulated exchanges where there’s no investor protection,โ he added.
Yew believes that if a Bitcoin ETF goes live on ASX, it will send a โclear signalโ to traditional investors that the โunregulated Wild West is coming to an endโ because their investments will be backed by a โfamiliar,โ โstructuredโ and โprotected environment.โ
Vasco, its โResponsible Entity Partnerโ is authorised under the Australian Financial Services Licence to offer retail investors regulated exposure to the cryptocurrency market, the firm stated.
Related: Bitcoin ETF is the needed โseal of approvalโ for BTC โ Mike Novogratz
Spot Bitcoin ETF applications have been a focus point for the industry lately, particularly in the United States. In recent weeks, the industry have seen spot Bitcoin ETF filings from major financial firms including Fidelity, Invesco, Wisdom Tree and Valkyrie he $10 trillion asset management firm BlackRock.
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