December 3, 2023

Australia-based cryptocurrency investment firm Monochrome Asset Management recently updated its application to launch a spot bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX).

monochrome This work is being done in collaboration with the Vasco Trustees. The proposed ETF, dubbed Monochrome Bitcoin ETFsAccording to a company announcement on July 14, it aims to provide Australian retail investors with the opportunity to invest directly in bitcoin and ethereum (ETH).

Monochrome CEO Jeff Yew explained the company’s intentions, emphasizing the need for Australian retail investors to be able to access Bitcoin in a regulated environment, thereby promoting freer participation in the asset class within the established regulatory framework.

Yew points to security advantages Regulated ETFs Unregulated exchanges. Regulated ETFs ensure that investors are protected, whereas unregulated exchanges may lack such safeguards. This additional protection may inspire confidence among retail investors and increase their participation in the cryptocurrency market.

Impact and Future Expectations

In partnership with Vasco, Monochrome is well-positioned to offer retail investors regulated cryptocurrency investments. Vasco, as Monochrome’s “Responsible Entity Partner”, has the required authorization for the Australian Financial Services License.

You further pointed out that Bitcoin ETFs Listing on the ASX could dramatically change the perception of traditional investors, signaling the end of the unregulated “Wild West” phase. The structured, familiar and safe environment provided by ETFs can enhance investor confidence in the cryptocurrency market.

The ASX’s proposal for a bitcoin ETF represents significant progress in mainstream adoption and regulatory acceptance of cryptocurrencies in Australia.The updated application is in line with the recent trend of growing global interest in spot bitcoin ETFs, with financial giants such as Fidelity, Invesco, Wisdom Tree, Valkyrie, and black stone.

According to the company’s official statement, the launch of the Monochrome Bitcoin ETF will provide investors with “direct exposure” to Bitcoin. This is a notable milestone as it is the first application for a spot bitcoin ETF to be filed on the Australian Securities Exchange under the country’s new cryptocurrency regulations.

Thus, from the outset, the upcoming decision on the Monochrome Bitcoin ETF application may set an important precedent for future crypto asset investment vehicles.

Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.