- Monochrome Asset Management has updated its application to offer a spot Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX).
- Jeff Yew, CEO of Monochrome, stated that obtaining a license would provide Australian retail investors exposure to Bitcoin within a regulatory framework.
- Yew believes that the launch of a Bitcoin ETF on ASX would send a “clear signal” to traditional investors that the “unregulated Wild West” era is ending.
Australian-based investment firm Monochrome has filed an application to offer a spot Bitcoin ETF on the Australian Securities Exchange.
Monochrome Initiates the Race in Australia
Monochrome Asset Management, a crypto investment firm based in Australia, has updated its application to offer a spot Bitcoin ETF on the Australian Securities Exchange (ASX) through its partner Vasco Trustees.
According to the company’s announcement on July 14, the Monochrome Bitcoin ETF will provide retail Australian investors with direct exposure to Bitcoin and Ethereum.
Jeff Yew, CEO of Monochrome, stated that obtaining a license would provide Australian retail investors exposure to Bitcoin within a regulatory framework:
“A Bitcoin ETF allows investors to purchase and hold the asset class in a regulated manner, aligned with their investment preferences, providing them an advantage over unregulated exchanges where investor protection is not present.”
Yew believes that the launch of a Bitcoin ETF on ASX would send a “clear signal” to traditional investors that the “unregulated Wild West” era is ending, as their investments would be supported by a “familiar,” “structured,” and “protected environment.”
Vasco, one of Monochrome’s “Responsible Entity Partners,” is authorized under an Australian Financial Services License to provide retail investors with exposure to the crypto market within a regulated framework.
No Outcome Yet in the U.S. ETF Race
Recently, spot Bitcoin ETF applications have been the focus of the industry, particularly in the United States. In recent weeks, major financial institutions such as Fidelity, Invesco, Wisdom Tree, Valkyrie, and the $10 trillion asset management company BlackRock have submitted spot Bitcoin ETF applications.
There is currently no approved spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). According to information obtained by COINOTAG on July 13, the SEC has initiated a review of Bitwise’s spot Bitcoin ETF application. While this process is a formality, it has generated excitement within the crypto community.
