- Monochrome CEO Jeff Yew celebrated Australia’s entry into the “Bitcoin race” on Twitter.
- Monochrome Asset Management’s partner, Vasco Trustees Ltd, submitted an application for the Monochrome Bitcoin ETF to the ASX.
- Vasco offers regulated exposure to crypto-assets like BTC and ETH through managed investment schemes.
On July 14, Jeff Yew, CEO of Australian-based crypto investment company, Monochrome, celebrated Australia’s entry into the “Bitcoin race” through his firm’s new feat.
Earlier today, Monochrome Asset Management announced that its Responsible Entity partner, Vasco Trustees Ltd, has submitted a revised application to the Australian Securities Exchange (ASX) for the listing of the Monochrome Bitcoin ETF. The exchange-traded fund aims to provide direct exposure to Bitcoin.
According to the announcement post, Vasco holds the necessary authorization under its Australian Financial Services License to provide regulated and direct exposure to crypto-assets such as BTC and ETH to retail investors. Moreover, the exposure is facilitated through two managed investment schemes known as the Monochrome Bitcoin ETF and the Monochrome Ethereum ETF.
CEO Yew explained that acquiring a license would enable Australian retail investors to access Bitcoin within a robust regulatory framework.
Through a Bitcoin ETF, it makes it possible for them to buy and use the asset class in however they see fit with the investment choices [and] in a regulated manner, and also operating within the regular regulatory perimeter.
Yew expressed that compared to unregulated exchanges lacking investor protection, the benefit of obtaining a license is evident. He stated that if a Bitcoin ETF is successfully launched on the ASX, it will serve as a clear indication to traditional investors that the unregulated and unpredictable nature of the market is diminishing. Additionally, their investments would be supported by a familiar, structured, and protected environment.
The blog suggested Monochrome and Vasco will receive support from renowned service providers, including State Street Australia, Automic Pty Limited, Ernst & Young, CF Benchmarks, and Gemini Trust Company.
In addition, The Australian Securities and Investments Commission has implemented a comprehensive market framework in Australia for exchange-traded products based on crypto assets. This framework establishes clear pathways and regulatory obligations for market participants who offer financial products with direct exposure to crypto-assets. Such measures are intended to boost the confidence of Australian investors when evaluating potential investments in this emerging asset class.
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