Australia-based crypto investment firm Monochrome Asset Management has updated its application to offer a spot bitcoin (BTC) exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) through its partner Vasco Trustees.
The ETF — Monochrome Bitcoin ETF — will be able to offer Australian retail investors direct access to Bitcoin and Ether (ETH), according to the company’s July 14 announcement.
Speaking to Cointelegraph, Monochrome CEO Jeff Yew explained that obtaining a license would expose Australian retail investors to Bitcoin within a vast regulatory landscape:
“Through a Bitcoin ETF, they can buy and use the asset class in whatever way they see fit with the investment decisions.” [and] operate in a regulated manner and also within the regular regulatory framework.”
“That, in my opinion, is the benefit compared to, for example, unregulated exchanges where there is 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” because their investments are replaced by a “familiar,” “structured.” ‘ and ‘protected environment’.
Vasco, its Responsible Entity Partner, is authorized under an Australian financial services license to offer retail investors regulated access to the cryptocurrency market, the company said.
Related: Bitcoin ETF is the required “seal of approval” for BTC – Mike Novogratz
Spot bitcoin ETF applications have been an industry focus of late, particularly in the United States. In recent weeks, the industry has seen targeted Bitcoin ETF filings from major financial firms, including Fidelity, Invesco, Wisdom Tree, Valkyrie, and $10 trillion wealth management firm BlackRock.
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