News Report Technology
July 14, 2023

Australian Market Set to Receive First Spot Bitcoin ETF Under New Regulatory Framework

In Brief

Monochrome Asset Management and Vasco Trustees have filed an updated application for a spot Bitcoin ETF in Australia, which would provide retail investors with direct exposure to Bitcoin and Ether, bridging the gap between traditional financial markets and the world of digital assets.

Monochrome, a crypto-centric investment management firm, along with Vasco Trustees Ltd, have updated their application for a Bitcoin ETF. The application was filed with the Australian Securities Exchange (ASX), marking a significant milestone in the Australian market. The proposed ETF would be the first of its kind in the country, targeting Bitcoin under the new regulatory scheme.

The goal of the Monochrome ETF (IBTC) is to offer Australian retail investors direct Bitcoin exposure. Additionally, the ETF plans to expose investors to Ether, the world’s second-largest cryptocurrency. This will be possible through Monochrome’s collaboration with Vasco, an entity licensed to offer regulated Bitcoin and Ethereum exposure.

The revised application reflects the surging demand for regulated digital asset investment products. Monochrome and Vasco have secured support from leading service providers for a robust offering. Partners include State Street Australia, Automic Pty Limited, Ernst & Young, CF Benchmarks, and Gemini Trust Company.

This effort is aligned with the ASIC‘s goal to set a solid regulatory framework for crypto-asset exchange-traded products. The framework intends to provide clear pathways and regulations for those offering financial products with direct crypto-asset exposure. This will likely boost investor confidence and bring traditional investors into this emerging asset class.

Spot Bitcoin ETF

Spot ETFs are trending in the global cryptocurrency industry, especially in the United States. Major financial firms like Fidelity, Invesco, Wisdom Tree, Valkyrie, and BlackRock have submitted applications for Bitcoin ETFs. The net inflow to crypto asset funds in the past three weeks alone has been $500 million, signaling increased interest in Bitcoin-linked regulated investment products.

While the US market has been the primary focus, the SEC’s recent recognition of Bitwise’s ETF application underscores the increasing potential of such investment vehicles. As global regulatory landscapes evolve, spot Bitcoin ETF approvals could lead to wider adoption and mainstream acceptance of cryptocurrencies.

The updated Bitcoin ETF application in Australia is a significant move in the country’s crypto investment arena. If approved, the Monochrome ETF would offer a regulated, easy way for retail investors to gain Bitcoin and Ether exposure. This would bridge the gap between traditional financial markets and digital assets.

  • The OKeefe Media Group secretly recorded a BlackRock recruiter discussing the asset manager’s work mode without their knowledge.

Read more related articles:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

More articles
Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Biswap Releases New Strategic Roadmap, Focuses On Multi-Chain Expansion And Introduction Of Liquid Staking
Markets News Report Technology
Biswap Releases New Strategic Roadmap, Focuses On Multi-Chain Expansion And Introduction Of Liquid Staking
May 24, 2024
Web3 AI Unveiled: Jimmy Zhao Unpacks How BNB Chain’s Integration of Blockchain and AI Redefines Trust, Transparency, and Decentralization
Interview Business Markets Software Technology
Web3 AI Unveiled: Jimmy Zhao Unpacks How BNB Chain’s Integration of Blockchain and AI Redefines Trust, Transparency, and Decentralization
May 24, 2024
Hyperliquid Unveils HIP-1 Spot Token Deployment Function On Its Mainnet, And Recommends Testing For Smooth Deployment
News Report Technology
Hyperliquid Unveils HIP-1 Spot Token Deployment Function On Its Mainnet, And Recommends Testing For Smooth Deployment
May 24, 2024
This Week’s Top Deals, Major Investments in AI, IT, Web3, and Crypto (20-24.05)
Digest Top Lists Business Lifestyle Markets Software Technology
This Week’s Top Deals, Major Investments in AI, IT, Web3, and Crypto (20-24.05)
May 24, 2024