Australian Market Set to Receive First Spot Bitcoin ETF Under New Regulatory Framework
In Brief
Monochrome Asset Management and Vasco Trustees have filed an updated application for a spot Bitcoin ETF in Australia, which would provide retail investors with direct exposure to Bitcoin and Ether, bridging the gap between traditional financial markets and the world of digital assets.
Monochrome, a crypto-centric investment management firm, along with Vasco Trustees Ltd, have updated their application for a Bitcoin ETF. The application was filed with the Australian Securities Exchange (ASX), marking a significant milestone in the Australian market. The proposed ETF would be the first of its kind in the country, targeting Bitcoin under the new regulatory scheme.
The goal of the Monochrome ETF (IBTC) is to offer Australian retail investors direct Bitcoin exposure. Additionally, the ETF plans to expose investors to Ether, the world’s second-largest cryptocurrency. This will be possible through Monochrome’s collaboration with Vasco, an entity licensed to offer regulated Bitcoin and Ethereum exposure.
The revised application reflects the surging demand for regulated digital asset investment products. Monochrome and Vasco have secured support from leading service providers for a robust offering. Partners include State Street Australia, Automic Pty Limited, Ernst & Young, CF Benchmarks, and Gemini Trust Company.
This effort is aligned with the ASIC‘s goal to set a solid regulatory framework for crypto-asset exchange-traded products. The framework intends to provide clear pathways and regulations for those offering financial products with direct crypto-asset exposure. This will likely boost investor confidence and bring traditional investors into this emerging asset class.
Monochrome announced today on 14 July 2023, its Responsible Entity partner, Vasco Trustees Ltd, lodged an updated application with the ASX to list the Monochrome #Bitcoin ETF, an exchange traded fund that will have direct exposure to bitcoin.
— Monochrome (@MonochromeAsset) July 13, 2023
Read more: https://t.co/LfxoRkOywW
Spot Bitcoin ETF
Spot ETFs are trending in the global cryptocurrency industry, especially in the United States. Major financial firms like Fidelity, Invesco, Wisdom Tree, Valkyrie, and BlackRock have submitted applications for Bitcoin ETFs. The net inflow to crypto asset funds in the past three weeks alone has been $500 million, signaling increased interest in Bitcoin-linked regulated investment products.
While the US market has been the primary focus, the SEC’s recent recognition of Bitwise’s ETF application underscores the increasing potential of such investment vehicles. As global regulatory landscapes evolve, spot Bitcoin ETF approvals could lead to wider adoption and mainstream acceptance of cryptocurrencies.
The updated Bitcoin ETF application in Australia is a significant move in the country’s crypto investment arena. If approved, the Monochrome ETF would offer a regulated, easy way for retail investors to gain Bitcoin and Ether exposure. This would bridge the gap between traditional financial markets and digital assets.
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
