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August 16, 2022

Asset manager Monochrome secures approval to offer crypto-based ETFs in Australia

Monochrome Asset Management’s responsible entity partner Vasco Trustees has obtained approval from Australian Securities & Investments Commission (ASIC) to offer spot-based crypto asset exchange traded funds (ETFs).

The new funds, called Monochrome Bitcoin ETF, were issued under an Australian financial services licence (AFSL), making Monochrome as one of the initial asset managers in the country to receive an AFSL to provide the crypto-assets.

The approval allows the company to provide retail investors with fully controlled and direct insured experience to various crypto-assets including bitcoin and ether.

It has exposed additional controlled investment options for direct retail investors and by authorised financial advisers, stated Monochrome.

Monochrome CEO Jeff Yew said: “The regulator’s approval of this licence variation represents a major step forward for both the advice industry and retail investors, allowing advisers to meet the market demands of their clients when it comes to the nascent crypto-asset class.

“Providing these regulated and more secure rails means investors have a much higher degree of regulation when seeking this type of exposure, with both industry and investors emerging as winners.”

In February this year, Monochrome announced the launch of a series that contains various chapters on the growth of bitcoin’s investment market.

In the first part of the series, the company reviews the journey carried out in the US markets to introduce a bitcoin ETF.

The review was undertaken with an aim to help in the launch of an Australian bitcoin ETF as the currency gets mature and receives recognition as a possible institutional investment asset, stated Monochrome.

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