Monochrome Asset Management Pty Ltd and Vasco Trustees Ltd have submitted an updated spot Bitcoin ETF registration to the Australian Securities Exchange (ASX) under the country’s new regulatory framework.
The Australian Securities Exchange (ASX) has received an updated application for the Monochrome Bitcoin ETF (IBTC), according to an announcement issued by Monochrome Asset Management on July 14.
Vasco, a partner of Monochrome, holds an Australian Financial Services Licence to provide institutional investors with direct and regulated exposure to Bitcoin (BTC) and Ethereum (ETH). The two managed ETF investments are the Monochrome Bitcoin ETF and the Monochrome Ethereum ETF.
“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 announced on Twitter that Australia had entered the contest for spot Bitcoin ETFs. He added, “Through a Bitcoin ETF, they can purchase and utilize the asset class following their investment preferences in a regulated manner and within the normal regulatory perimeter.”
According to the announcement, prominent service providers support Monochrome and Vasco, 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 market participants to offer financial products with direct exposure to crypto-assets to follow defined regulatory pathways. It will increase Australian investors’ confidence in the emerging asset class.
Spot Bitcoin ETF in the US
After BlackRock submitted a spot Bitcoin ETF application to the US SEC last month, Fidelity Investments, Invesco, and WisdomTree also submitted spot Bitcoin ETF applications.
During the previous three weeks, institutional investors poured a net of $500 million into crypto asset funds due to this development.
The US Securities and Exchange Commission (SEC) approved Bitwise’s application for a Bitcoin Exchange Traded Fund (ETF) on Thursday.
