Monochrome Bitcoin ETF Offered Through ASX
Monochrome Asset Management, an Australian-based crypto investment firm, 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, called the Monochrome Bitcoin ETF, will provide retail Australian investors with direct access to Bitcoin, according to the firm’s July 14 announcement.
Speaking to Cointelegraph, Monochrome CEO Jeff Yew said that by obtaining a license, Australian retail investors will benefit from the formidable regulatory landscape: “So that is the benefit, I guess, compared to, say, unregulated exchanges like Reddit Crypto, Gala Crypto Today, Luna Classic Crypto, Optimism Crypto, Harmony Crypto, Elon Musk Crypto and Hot Crypto Today, where there’s no investor protection,” he added.
The Potential Impact of a Bitcoin ETF on ASX
Yew believes that if a Bitcoin ETF is launched on the Australian Securities Exchange (ASX), it will send a “clear signal” to traditional investors that the “unregulated Wild West” is coming to an end, as their investments will be backed by a “familiar,” “structured” and “protected environment.”
Vasco, its “Responsible Entity Partner,” has been granted an Australian Financial Services Licence, allowing retail investors to access regulated exposure to the cryptocurrency market, the firm stated.
Recently, the industry has seen a surge of applications for spot Bitcoin ETFs from major financial firms, including Fidelity, Invesco, Wisdom Tree, Valkyrie and the $10 trillion asset management firm BlackRock.
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