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Australian-based crypto investment firm Monochrome Asset Management has updated its application to offer a spot Bitcoin (
$75,619.00 ) (BTC) exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) through its partner Vasco Trustees.
The ETF — Monochrome Bitcoin ( $75,619.00 ) ETF (IBTC) will be able to offer retail Australian investors direct exposure to Bitcoin ( $75,619.00 ) (BTC) and Ethereum (
$2,228.06 ) (ETH), according to the firm’s July 14 announcement.
Australia joins the $75,619.00 ) ?src=hash&ref_src=twsrc%5Etfw"># Bitcoin (
— Jeff (@jeffyew_) July 13, 2023
Speaking to Cointelegraph, Monochrome CEO Jeff Yew explained that by obtaining a license, Australian retail investors will be exposed to Bitcoin ( $75,619.00 ) within a formidable regulatory landscape:
“Through a Bitcoin (
“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 ( $75,619.00 ) 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 authorised under the Australian Financial Services Licence to offer retail investors regulated exposure to the cryptocurrency market, the firm stated.
Related: Bitcoin ( $75,619.00 ) ETF is the needed ‘seal of approval’ for BTC — Mike Novogratz
Spot Bitcoin ( $75,619.00 ) ETF applications have been a focus point for the industry lately, particularly in the United States. In recent weeks, the industry have seen spot Bitcoin ( $75,619.00 ) ETF filings from major financial firms including Fidelity, Invesco, Wisdom Tree and Valkyrie he $10 trillion asset management firm BlackRock.
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