Monochrome Modifies Its Spot Bitcoin ETF Application

UTC by Mayowa Adebajo · 2 min read
Monochrome Modifies Its Spot Bitcoin ETF Application
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Spot Bitcoin ETF applications have recently been on the rise throughout the industry.

Australian asset manager Monochrome has done some modifications to its application to offer a spot Bitcoin BTC exchange-traded fund (ETF). According to a July 14 announcement, Monochrome will offer the ETF – Monochrome Bitcoin ETF, on the Australian Securities Exchange (ASX) through its partner Vasco Trustees.

Monochrome Anticipates Approval, Says License May Help Shape Aussie’s Regulatory Space

Revealing in a statement, CEO Jeff Yew hinted that Monochrome is in high spirits to bag the approval. According to him, obtaining a license will not only expose Australian retail investors to Bitcoin. He believes it will also help to strengthen the regulatory environment. To this end, he said:

“Through a Bitcoin ETF, it makes it possible for them to buy and use the asset class however they see fit with the investment choices [and] in a regulated manner, and also operating within the regular regulatory perimeter.”

Yew further explained that, by going live on ASX, a Bitcoin ETF signals to traditional investors that the era when the Wild West wasn’t regulated might be coming to an end. At least, now, their investments will be thoroughly protected by a well-structured regulatory environment, Yew opined.

It might also be worth noting that spot Bitcoin ETF applications have recently been on the rise. Although the trend is a general one that cuts across the entire crypto industry, applications appear to be particularly on the high in the United States.

As recently reported by Coinspeaker, major financial firms have been submitting their spot Bitcoin ETF applications. Perhaps the most widely covered one is that of the $10 trillion asset management firm BlackRock. However, the likes of Fidelity, Invesco, Wisdom Tree, and Valkyrie have also submitted their filings.

To Monochrome, Vasco is a “Responsible Entity Partner”, which has been duly authorized by Australian Financial Services to offer retail investors regulated exposure to the crypto market. And so, the asset manager believes that Vasco improves its chances to secure the license it so earnestly yearns for.

Bitcoin News, Cryptocurrency News, Funds & ETFs, Market News, News
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