Monochrome revises filing for spot Bitcoin ETF at Aussie stock exchange

Australian-based crypto concern steadfast Monochrome Asset Management has updated its exertion to connection a spot Bitcoin (BTC) exchange-traded money (ETF) connected the Australian Securities Exchange (ASX) done its spouse Vasco Trustees.

The ETF — Monochrome Bitcoin ETF (IBTC) volition beryllium capable to connection retail Australian investors nonstop vulnerability to Bitcoin (BTC) and Ethereum (ETH), according to the firm’s July 14 announcement.

Australia joins the #Bitcoin race.#spot #bitcoinetf @MonochromeAsset https://t.co/hqXb9RY5HL pic.twitter.com/KEEXHQ9Eo6

— Jeff (@jeffyew_) July 13, 2023

Speaking to Cointelegraph, Monochrome CEO Jeff Yew explained that by obtaining a license, Australian retail investors volition beryllium exposed to Bitcoin wrong a formidable regulatory landscape:

“Through a Bitcoin ETF it makes it imaginable for them to bargain and usage the plus people successful nevertheless they spot acceptable with the concern choices [and] successful a regulated manner, and besides operating wrong the regular regulatory perimeter.”

“So that is the payment I conjecture compared to accidental unregulated exchanges wherever there's nary capitalist protection,” helium added.

Yew believes that if a Bitcoin ETF goes unrecorded connected ASX, it volition nonstop a “clear signal” to accepted investors that the “unregulated Wild West is coming to an end” due to the fact that their investments volition beryllium backed by a “familiar,” “structured” and “protected environment.”

Vasco, its “Responsible Entity Partner” is authorised nether the Australian Financial Services Licence to connection retail investors regulated vulnerability to the cryptocurrency market, the steadfast stated.

Related: Bitcoin ETF is the needed ‘seal of approval’ for BTC — Mike Novogratz

Spot Bitcoin ETF applications person been a absorption constituent for the manufacture lately, peculiarly successful the United States. In caller weeks, the manufacture person seen spot Bitcoin ETF filings from large fiscal firms including Fidelity, Invesco, Wisdom Tree and Valkyrie helium $10 trillion plus absorption steadfast BlackRock.

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