By Michael Scott
According to the chief executive officer, investors will be persuaded to pursue Bitcoin exposure in an organized, familiar, and safeguarded regulatory environment.
Monochrome, an Australian-founded investment organization, has partnered with Vasco Trustees to improve its application to provide a spot Bitcoin exchange-traded fund on ASX. The organization’s announcement on 14th July revealed that Australian investors would benefit from Monochrome Bitcoin ETF via direct exposure to Bitcoin.
Bitcoin ETF to Ease Access to Bitcoin Exposure
Jeff Yew, Monochrome’s CEO, revealed that by acquiring a permit, retail investors in Australia would access Bitcoin within a tough regulatory environment. He claimed that via a Bitcoin ETF, one can purchase and utilize the asset class in ways that suit the investment options and in a regulated way. Besides, they will also operate within the regular governing limit. He also added that this benefit contrasts with the unregulated exchanges that do not protect investors.
By going live on the Australian securities exchange, Yew is certain that the Bitcoin ETF will direct a ‘vivid signal’ to traditional investors concerning ending the unregulated Wild West. This is because their investments are supported in a safeguarded, accustomed, and organized environment.
The organization revealed that an Australian Financial Services License had authorized Vasco, its ‘Responsible Entity Partner, to provide regulated exposure to the cryptocurrency market.
US Crypto Industry Draws Focus Towards Bitcoin ETF Applications
Lately, Spot Bitcoin ETF applications have been the crypto industry’s focus point, especially in the U.S. Recently, spot Bitcoin ETF fillings have been seen from big financial organizations, for instance, Invesco, Fidelity, Valkyrie, and Wisdom Tree. Additionally, BlackRock, an asset management organization worth 10 trillion dollars, is included.
Today’s Monochrome Asset Management Pty Ltd announcement shows that Vasco Trustees Ltd (Vasco), its Responsible Entity Partner, presented an improved application with ASX. This application aims to list the Monochrome Bitcoin ETF (IBTC), which will have direct contact with Bitcoin.
Under the Australian Financial Services, Vasco, Monochrome’s Responsible Entity Partner, can provide investors direct and regulated exposure to ether and crypto-asset bitcoin. Additionally, the Monochrome Bitcoin ETF and Monochrome Ethereum ETF are the two management investment schemes to aid in providing exposure.
Benefits of Implementing Australian Market Model
Implementing an Australian market model for crypto assets exchange-traded products by ASIC benefits investors and providers by creating a vivid path and regulatory requirements for participants in the market providing financial products with direct contact with crypto-assets. The confidence of Australian investors may be boosted if the requirements are met.
Leading service providers such as Automic Pty Limited, State Street Australian Limited, Gemini Trust Company, Ernst & Young, and CF Benchmarks support Monochrome and Vasco.
Past the Monochrome Bitcoin ETF, Monochrome considers this as justification of Queensland as a crypto-asset specialized financial services hub.