- Monochrome Asset Management submits revised application for Monochrome Bitcoin ETF.
- Vasco Trustees Ltd authorized to offer retail investors access to BTC and ETH.
- Monochrome and Vasco receive backing from esteemed service providers in crypto industry.
On July 14, Jeff Yew, the CEO of Monochrome, a crypto investment company based in Australia, proudly commemorated his firm’s recent achievement as Australia joined the competitive world of Bitcoin.
Today, Monochrome Asset Management announced the submission of a revised application to the Australian Securities Exchange (ASX) by its Responsible Entity partner, Vasco Trustees Ltd. This application pertains to the listing of the Monochrome Bitcoin ETF, an exchange-traded fund designed to offer investors direct exposure to Bitcoin.
As per the official announcement, Vasco has the requisite authorization under its Australian Financial Services License to offer retail investors regulated and direct access to crypto-assets like BTC and ETH. This access is made possible through two managed investment schemes, namely the Monochrome Bitcoin ETF and the Monochrome Ethereum ETF.
CEO Yew emphasized that obtaining a license would allow Australian retail investors to securely engage with Bitcoin, operating within a comprehensive regulatory framework.
Through a Bitcoin ETF, it makes it possible for them to buy and use the asset class in however they see fit with the investment choices [and] in a regulated manner, and also operating within the regular regulatory perimeter.
Yew emphasized the clear advantage of obtaining a license, highlighting the stark contrast between unregulated exchanges that lack investor protection. He asserted that the successful launch of a Bitcoin ETF on the ASX would signal to traditional investors that the market’s unregulated and volatile nature is gradually diminishing. Moreover, such investors would find solace in their investments being backed by a familiar, well-organized, and secure environment.
According to the blog, Monochrome and Vasco, two prominent players in the crypto industry, are set to receive backing from esteemed service providers such as State Street Australia, Automic Pty Limited, Ernst & Young, CF Benchmarks, and Gemini Trust Company.
Furthermore, the Australian Securities and Investments Commission (ASIC) has successfully implemented a robust market framework in Australia specifically tailored for exchange-traded products that are derived from cryptocurrencies. This framework effectively outlines unambiguous guidelines and regulatory responsibilities for market participants offering financial products that provide direct exposure to crypto-assets. These proactive measures have been strategically devised to enhance the trust and assurance of Australian investors as they assess the viability of potential investments within this rapidly evolving asset class.
