In accordance with Australia’s new cryptocurrency laws, Monochrome Asset Management and Vasco resubmitted their application for the top Bitcoin ETF position.
The Australian Securities Exchange (ASX) received a new spot Bitcoin ETF application from the cryptocurrency-focused investment management company Monochrome Asset Management Pty Ltd and its responsible entity partner Vasco Trustees Ltd. In accordance with Australia’s new legal structure, the first Bitcoin ETF to have direct exposure to Bitcoin is Monochrome Bitcoin ETF (IBTC).
First Spot Bitcoin ETF Of Australia Under New Regulations
On July 14, Monochrome Asset Management made a formal notification stating that Vasco Trustees, a partner, has revised the application for the Monochrome Bitcoin ETF (IBTC) with the Australian Securities Exchange (ASX).
Vasco, a partner of Monochrome, has an Australian Financial Services Licence that allows it to give investors direct access to Bitcoin (BTC) and Ethereum (ETH) in a legal manner. Both managed ETF investment products, the Monochrome Bitcoin ETF and the Monochrome Ethereum ETF, support both cryptocurrencies.
“In an Australian first, IBTC is a way for retail investors to own bitcoin in a single regulated structure that gives them an absolute entitlement to their underlying bitcoin.”
Australia has entered the Bitcoin ETF competition, according to Monochrome CEO Jeff Yew, who made the announcement on Twitter. “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, » he continued.
Leading service providers including State Street Australia, Automic Pty Limited, Ernst & Young, CF Benchmarks, and Gemini Trust Company, as well as Vasco and Monochrome, are reportedly supporting Monochrome and Vasco, according to the release.
ASIC established an Australian market framework for exchange-traded goods using cryptoassets, allowing product clarity and regulatory requirements for market players providing financial products with direct exposure to cryptoassets. Australian investors’ confidence in making investments in developing asset classes will increase as a result.
US: Spot Bitcoin ETF Race
Others, including Fidelity Investments, Invesco, and WisdomTree, followed BlackRock last month by submitting spot Bitcoin ETF applications to the US Securities and Exchange Commission. With a net inflow of $500 million over the previous three weeks, institutional investors began investing in crypto asset funds once more as a result of the move.
The Bitwise spot Bitcoin Exchange Traded Fund (ETF) application was actually approved on Thursday by the US Securities and Exchange Commission (SEC).
Actually, on Thursday, the Bitwise spot Bitcoin Exchange Traded Fund (ETF) application was approved by the US Securities and Exchange Commission (SEC).
