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Monochrome revises filing for spot Bitcoin ETF at Aussie stock exchange

by Russ Turner
July 14, 2023
in Cryptocurrency
Reading Time: 2 mins read
Monochrome revises filing for spot Bitcoin ETF at Aussie stock exchange

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Australia-based crypto investment firm Monochrome Asset Management has filed an application to offer a spot Bitcoin (BTC) Exchange Traded Fund (ETF) on the Australian Securities Exchange (ASX) through partner Vasco Trustees. updated.

ETFs — Monochrome Bitcoin ETFs (IBTC) can offer Australian retail investors direct exposure to Bitcoin (BTC) and Ethereum (ETH). according to According to the company’s July 14 announcement.

Monochrome CEO Jeff Yu explained to Cointelegraph that the license would expose Australian retail investors to bitcoin in a highly regulated environment.

“Bitcoin ETFs allow investors to buy and use asset classes in ways they see fit with their investment choices.” [and] It operates in a regulated manner and within normal regulatory boundaries. ”

“So I think that is the advantage compared to unregulated exchanges with no investor protection,” he added.

Yu believes a bitcoin ETF launching on the ASX would send a “clear signal” to traditional investors that “the unregulated Old West era is coming to an end.” Because their investments are backed by “familiar” and “structured” investments. and “protected environment”.

Vasco, its “responsible principal partner,” is authorized under its Australian Financial Services License to provide retail investors with regulated exposure to the cryptocurrency market, the firm said.

Related: A Bitcoin ETF is the “seal of approval” needed for BTC — Mike Novogratz

Recently, spot Bitcoin ETF applications have gained a lot of attention in the industry, especially in the US. Over the past few weeks, the industry has seen a flurry of spot Bitcoin ETF applications from major financial firms including Fidelity, Invesco, WisdomTree, Valkyrie, and $10 trillion wealth management firm BlackRock.

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