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- Monochrome has updated its application alongside its partner Vasco Trustees.
- Obtaining a license will enable the firm to offer Australian retail investors access to Bitcoin.
To facilitate investor access to a spot Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX), Australian cryptocurrency investment firm Monochrome Asset Management has updated its application in collaboration with Vasco Trustees.
As stated in the company’s announcement on July 14, the Monochrome Bitcoin ETF would provide regular Australian investors with direct exposure to both Bitcoin and Ether. Monochrome CEO Jeff Yew indicated that securing a license would allow the firm to introduce Bitcoin to Australian retail investors within the confines of the country’s stringent regulatory environment.
Regulated Exposure to Investors
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By offering a “familiar,” “structured,” and “protected environment” for Bitcoin investors, Yew believes that an ETF listing on the ASX would convey a “clear signal” to traditional investors that the “unregulated Wild West is coming to an end.”
The company’s announcement noted that regular investors could gain “regulated exposure” to the cryptocurrency market through Vasco, its “Responsible Entity Partner,” which holds an Australian Financial Services License.
Recently, the industry has been concentrating on applications for spot Bitcoin ETFs, particularly in the United States. Registrations for spot Bitcoin ETFs from prominent financial institutions have been observed in recent weeks.
After considerable anticipation, Europe’s inaugural spot Bitcoin ETF is set to launch later this year. Jacobi Asset Management, a multi-asset investing platform based in London, had intended to introduce a Bitcoin exchange-traded fund (ETF) on the Euronext Amsterdam market in the summer of 2022.
Following the collapse of the Terra ecosystem in May 2022 and the FTX in November 2022, which created unprecedented market conditions, the asset management firm was compelled to postpone the listing. The firm stated that it opted to launch the ETF immediately rather than delay due to a consistent shift in demand.
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