Monochrome Asset Management, a crypto investment firm based in Australia, has made an update to its application, aiming to introduce a spot Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) in collaboration with Vasco Trustees.
The newly proposed ETF, called the Monochrome Bitcoin ETF, will provide direct exposure to Bitcoin and Ether (ETH) for retail investors in Australia, as stated in the company’s announcement on July 14.
Monochrome CEO Jeff Yew explained in an interview with Cointelegraph that the Bitcoin ETF would allow Australian retail investors to engage with Bitcoin in a regulated environment, offering them the freedom to utilize this asset class as they see fit while operating within the established regulatory framework.
Yew emphasized the advantage of investor protection that comes with a regulated ETF, in contrast to unregulated exchanges where such safeguards may be lacking.
Yew further expressed his belief that the introduction of a Bitcoin ETF on the ASX would convey a significant message to traditional investors, signaling the end of the unregulated “Wild West” phase.
The ETF’s existence would assure investors of a familiar, structured, and protected environment, enhancing their confidence in the crypto market.
READ MORE: Bitcoin ETF Approval Could Act as Government’s ‘Seal of Approval’
Vasco, Monochrome’s “Responsible Entity Partner,” holds the necessary authorization under an Australian Financial Services Licence to offer regulated exposure to cryptocurrencies to retail investors, as outlined by the company.
Spot Bitcoin ETF applications have garnered considerable attention in the industry recently, particularly in the United States.
Over the past few weeks, major financial firms such as Fidelity, Invesco, Wisdom Tree, Valkyrie, and the $10 trillion asset management giant BlackRock have all submitted filings for spot Bitcoin ETFs, indicating growing interest in providing regulated exposure to digital assets.
The introduction of a Bitcoin ETF on the ASX through Monochrome Asset Management’s application update marks a significant step toward facilitating mainstream adoption and regulatory acceptance of cryptocurrencies in Australia.
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