Australia-based cryptocurrency investment firm Monochrome Asset Management has updated its app to offer a spot Bitcoin (BTC) exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) through its partner Vasco Trustees.
ETF – Monochrome Bitcoin ETF (IBTC) will be able to provide Australian retail investors with direct exposure to Bitcoin (BTC) and Ethereum (ETH), according to The company’s July 14 announcement.
Australia joins #bitcoin Race.#point #bitcoin network @MonochromeAsset pic.twitter.com/KEEXHQ9Eo6
— Jeff (@jeffyew_) July 13, 2023
Monochrome CEO Jeff Yew explained in an interview with Cointelegraph that by obtaining a license, retail investors in Australia will gain exposure to Bitcoin in a robust regulatory environment:
“Through a Bitcoin ETF, they can purchase and use the asset class in investment options they see fit (and) in a regulated manner and operate within conventional regulatory boundaries.”
“So I think that’s the benefit compared to an unregulated exchange with no investor protection,” he added.
Yew believes that if a 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 will be rewarded with “familiar” , “structured” support and a “protected environment”.
The company said its “responsible entity partner,” Vasco, has been granted an Australian financial services license to provide retail investors with regulated exposure to the cryptocurrency market.
related: Bitcoin ETF is the ‘seal of approval’ BTC needs – Mike Novogratz
Spot Bitcoin ETF applications have been in the spotlight of late, 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 manager BlackRock Inc. ).
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