Crypto-focused investment management firm Monochrome Asset Management Pty Ltd and its responsible entity partner Vasco Trustees Ltd filed an updated spot Bitcoin ETF application with the Australian Securities Exchange (ASX). Monochrome Bitcoin ETF (IBTC) is the first spot Bitcoin ETF under Australia’s new regulatory framework and will have direct exposure to Bitcoin.
Australia’s First Spot Bitcoin ETF Under New Regulations
In an official announcement on July 14, Monochrome Asset Management said its partner, Vasco Trustees filed an updated application for the Monochrome Bitcoin ETF (IBTC) with the Australian Securities Exchange (ASX).
Monochrome’s partner Vasco has an Australian Financial Services Licence to offer retain investors direct and regulated exposure to crypto-assets Bitcoin (BTC) and Ethereum (ETH). The Monochrome Bitcoin ETF and the Monochrome Ethereum ETF are the two managed ETF investment products.
“In an Australian first, IBTC is a way for retail investors to own bitcoin in a single regulated structure that gives them an absolute entitlement to their underlying bitcoin.”
Monochrome CEO Jeff Yew took to Twitter to reveal that Australia has joined the spot Bitcoin ETF race. He added, “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.”
According to the announcement, Monochrome and Vasco are supported by leading service providers including State Street Australia, Automic Pty Limited, Ernst & Young, CF Benchmarks, and Gemini Trust Company.
ASIC implemented an Australian market framework for crypto-asset exchange-traded products, enabling product clear pathways and regulatory requirements for market participants offering financial products with direct exposure to crypto-assets. It will enhance the confidence of Australian investors when considering investing in the emerging asset class.
Also Read: Europe To Get Its First Spot Bitcoin ETF This Month
Spot Bitcoin ETF Race in the US
After BlackRock filed a spot Bitcoin ETF application with the US SEC last month, others such as Fidelity Investments, Invesco, and WisdomTree followed with spot Bitcoin ETF applications. The move caused institutional investors to again pour their money into crypto asset funds, with a net inflow of $500 million in the last three weeks.
In fact, the US United States Securities and Exchange Commission (SEC) acknowledged Bitwise spot Bitcoin Exchange Traded Fund (ETF) application on Thursday.
Also Read: BinanceUS, Crypto.com Joins Coinbase and Others To Relist XRP, Price Up 87%
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