Monochrome Asset Management Submits Application for Spot Bitcoin ETF in Australia
Australian-based asset management firm Monochrome Asset Management has partnered with Vasco Trustees to submit an application for a spot bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX). The proposed Monochrome Bitcoin ETF (IBTC) aims to provide retail Australian investors with direct exposure to bitcoin (BTC) and ethereum (ETH). This is the first filing for a spot bitcoin ETF on the ASX since the implementation of a licensing regime with crypto provisions two years ago. The move comes after Vasco obtained a financial license to operate crypto spot ETFs in Australia.
Key points:
1. Monochrome Asset Management has submitted an application for a spot bitcoin ETF on the ASX.
2. The proposed ETF will provide retail Australian investors with direct exposure to bitcoin and ethereum.
3. This is the first spot bitcoin ETF filing on the ASX since the implementation of a licensing regime with crypto provisions.
4. Vasco Trustees, Monochrome’s partner, obtained a financial license to operate crypto spot ETFs in Australia last year.
5. The Australian Securities and Investments Commission (ASIC) revised its rules for AFS licenses to enhance transparency and investor protection for crypto firms.
This latest submission in Australia follows significant interest in spot bitcoin ETFs globally, with major financial firms such as Fidelity, Invesco, and BlackRock filing for similar products in the US. While previous attempts at bitcoin ETFs in Australia have faced challenges, the recent regulatory updates and the partnership between Monochrome and Vasco Trustees provide new opportunities for retail investors to gain exposure to cryptocurrencies through regulated ETFs.
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