Monochrome Revises Filing for Spot Bitcoin ETF on Australian Stock Exchange

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.

ETF – The Monochrome Bitcoin ETF (IBTC) will be able to offer retail Australian investors direct exposure to Bitcoin (BTC) and Ethereum (ETH). According As per the firm’s July 14 announcement.

Australia joins #bitcoin Caste.#spot #bitcoinnetf @monochromeAsset pic.twitter.com/KEEXHQ9Eo6

— Jeff (@jeffyew_) 13 July 2023

Speaking to Cointelegraph, Monochrome CEO Jeff Yu explained that by obtaining the license, Australian retail investors will be exposed to bitcoin in a formidable regulatory landscape:

“Through bitcoin ETFs it becomes possible for them to buy and access the asset class, however they fit in with investment options (and) in a regulated manner, and also operate within regular regulatory perimeters.”

“So I guess that’s the advantage compared to unregulated exchanges, where there’s no investor protection,” he said.

Yu believes that if the bitcoin ETF goes live on the ASX, it will send a “clear signal” to traditional investors that the “unregulated Wild West is coming to an end” as their investments are backed by a “familiar”, “structured” Will be done. and “protected environment.”

The firm said Vasco, its “responsible entity partner” is authorized under an Australian financial services license to provide regulated exposure to the cryptocurrency market to retail investors.

Connected: Bitcoin ETF is the needed ‘seal of approval’ for BTC – Mike Novogratz

Spot bitcoin ETF applications have recently been a focus point for the industry, especially in the United States. In recent weeks, the industry has seen spot bitcoin ETF filings from major financial firms including Fidelity, Invesco, Wisdom Tree and Valkyrie, as well as $10 trillion asset management firm BlackRock.

magazine: Should You Give Kids the ‘Orange Pill’? the case for bitcoin children’s books