Australian crypto investment firm Monochrome, via its partner, Vasco Trustees, has submitted an updated application to introduce a spot Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX). Monochrome revealed this in an announcement on July 14, 2023.
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.
Read more: https://t.co/LfxoRkOywW
— Monochrome (@MonochromeAsset) July 13, 2023
The proposed ETF, Monochrome Bitcoin ETF (IBTC), would provide retail Australian investors with direct exposure to Bitcoin (BTC).
Vasco Trustees would manage the ETF as it has the necessary authorization under its Australian Financial Services (AFS) Licence to provide direct and regulated exposure to crypto-assets to retail investors. Vasco had secured approval from the Australian Securities and Investments Commission (ASIC) to introduce ETFs for spot-based crypto assets in August 2022.
Monochrome and Vasco are supported by leading service providers, such as State Street Australia Limited, Automic Pty Limited, Ernst & Young, CF Benchmarks, and Gemini Trust Company, LLC.
The launch of the Monochrome Bitcoin ETF would be a significant milestone for the Australian crypto industry. It would be the first spot Bitcoin ETF to be directly listed on the ASX under the new licensing regime for crypto-assets established in March 2021.
According to Monochrome, the ASIC’s decision to create an Australian market framework for crypto-asset exchange-traded products benefits both product providers and investors because the framework provides a clear pathway and regulatory standards for market participants who offer financial products directly linked to crypto-assets. The investment claimed that the framework increases Australian investors’ confidence in exploring the crypto asset class.
The launch of the Monochrome Bitcoin ETF would also follow the recent reports that Jacobi Asset Management is finally ready to introduce Europe’s first Bitcoin ETF. Jacobi had initially planned to list the ETF on Euronext Amsterdam in July 2022, but it postponed the listing due to unforeseen market conditions. However, the asset manager has said that the ETF is now expected to be launched in July 2023.
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