Monochrome revises filing for spot Bitcoin ETF at Aussie stock exchange
The CEO believes investors will be inclined to seek exposure to Bitcoin in a more familiar, structured and protected regulatory environment.
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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 — Monochrome Bitcoin ETF — will be able to offer retail Australian investors direct exposure to Bitcoin and Ether (ETH), according to the firm’s July 14 announcement.
Australia joins the #Bitcoin race.#spot #bitcoinetf @MonochromeAsset https://t.co/hqXb9RY5HL pic.twitter.com/KEEXHQ9Eo6
— Jeff (@jeffyew_) July 13, 2023
Speaking to Cointelegraph, Monochrome CEO Jeff Yew explained that by obtaining a license, Australian retail investors would be exposed to Bitcoin within a formidable regulatory landscape:
“Through 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.”
“So that is the benefit, I guess, compared to, say, unregulated exchanges where there’s no investor protection,” he added.
Yew believes that if a Bitcoin ETF goes live on ASX, it will send a “clear signal” to traditional investors that the “unregulated Wild West is coming to an end” because their investments will be backed by a “familiar,” “structured” and “protected environment.”
Vasco, its “Responsible Entity Partner,” is authorized under an Australian Financial Services Licence to offer retail investors regulated exposure to the cryptocurrency market, the firm stated.
Related: Bitcoin ETF is the needed ‘seal of approval’ for BTC — 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 has seen spot Bitcoin ETF filings from major financial firms, including Fidelity, Invesco, Wisdom Tree, Valkyrie and the $10 trillion asset management firm BlackRock.
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Monochrome Asset Management Updates Filing for Spot Bitcoin ETF on Australian Stock Exchange
Australian-based crypto investment firm Monochrome Asset Management has revised its application to offer a spot Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) through its partner Vasco Trustees. The Monochrome Bitcoin ETF will provide retail Australian investors with direct exposure to Bitcoin and Ether. By obtaining a license, Monochrome aims to offer investors a regulated and protected environment for investing in Bitcoin, compared to unregulated exchanges. The firm believes that launching a Bitcoin ETF on ASX will signal to traditional investors that the unregulated era is coming to an end.
Benefits of a Bitcoin ETF on ASX
Monochrome CEO Jeff Yew explains that a Bitcoin ETF on ASX would allow retail investors to buy and use the asset class in a regulated manner, providing them with investment choices and investor protection. The partnership with Vasco, a licensed entity, ensures that retail investors have regulated exposure to the cryptocurrency market.
Spot Bitcoin ETF Applications in the Industry
Spot Bitcoin ETF applications have been gaining attention in the industry, particularly in the United States. Major financial firms such as Fidelity, Invesco, Wisdom Tree, Valkyrie, and BlackRock have recently filed for spot Bitcoin ETFs. The launch of these ETFs is seen as a significant development that could bring more legitimacy and investor confidence to the cryptocurrency market.
Summary:
Monochrome Asset Management has updated its application for a spot Bitcoin ETF on the Australian Securities Exchange (ASX). The firm aims to provide retail Australian investors with regulated exposure to Bitcoin and Ether. By launching a Bitcoin ETF on ASX, Monochrome believes it will signal the end of the unregulated era and provide investors with a familiar and protected environment. This move aligns with the growing interest in spot Bitcoin ETFs, with major financial firms filing applications in the industry.