Bitcoin

Spot

Cosmos

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  <p class="is-style-lead">Australian-based asset management firm Monochrome is making another push for a licensed spot bitcoin ETF, joining a wave of US filings.</p> 
  <p>Australian crypto investment firm Monochrome Asset Management has submitted an updated application to launch a spot bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) in collaboration with Vasco Trustees.</p> 
  <p>The proposed Monochrome Bitcoin ETF (IBTC) would provide retail Australian investors with direct exposure to bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="URL" data-id="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) and ethereum (<a href="https://crypto.news/price/ethereum/" data-type="URL" data-id="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>), as announced on July 14.</p> 
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     <p lang="en" dir="ltr">Australia 🇦🇺 joins the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> race.<a href="https://twitter.com/hashtag/spot?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#spot</a> <a href="https://twitter.com/hashtag/bitcoinetf?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#bitcoinetf</a> <a href="https://twitter.com/MonochromeAsset?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@MonochromeAsset</a> <a href="https://t.co/hqXb9RY5HL" target="_blank" rel="noopener noreferrer nofollow">https://t.co/hqXb9RY5HL</a> <a href="https://t.co/KEEXHQ9Eo6" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/KEEXHQ9Eo6</a></p>— Jeff (@jeffyew_) <a href="https://twitter.com/jeffyew_/status/1679633736374308866?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 13, 2023</a> 
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  <p>This development represents the first filing for a spot bitcoin ETF on the ASX since implementing a licensing regime with crypto provisions nearly two years ago.</p> 
  <p>The move comes a year after Vasco, Monochrome’s partner, obtained a financial license to operate crypto spot ETFs in Australia.</p> 
  <p> You might also like: <a href="https://crypto.news/europes-first-bitcoin-etf-launches-after-delaying-for-a-year/" rel="noopener noreferrer nofollow"> Europe’s first bitcoin ETF launches after delaying for a year </a> </p> 
  <p>ETFs allow investors to gain exposure to various assets without owning them directly, including commodities, currencies, stocks, or bonds. In the case of a bitcoin ETF, investors can participate in the price movement of bitcoin without possessing the cryptocurrency itself. Instead, they can purchase shares that mirror the digital asset’s value.</p> 
  <p>In October 2021, the Australian Securities and Investments Commission (ASIC), the country’s securities regulator, <a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-285mr-asic-releases-guidance-on-crypto-asset-related-investment-products/" target="_blank" rel="noopener noreferrer nofollow">revised </a>its rules for the Australian financial services (AFS) license to enhance market transparency for crypto firms and improve investor protection.</p> 
  <p>These regulations stipulate that a spot ETF requires institutional support and acceptance of the underlying cryptocurrency. Additionally, “reputable” and “experienced” service providers must be willing to back such products.</p> 
  <p>Presently, only two AFS licensees, including the issuer partnering with Monochrome for the ETF, are authorized to offer retail crypto-asset licenses. Other licensees are classified as wholesale and are yet to receive approval to provide these products to individual investors.</p> 
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   <div class="wp-block-embed__wrapper"> <iframe title="Blackrock Bitcoin ETF!! BTC New All Time High Next!?" width="1020" height="574" src="https://www.youtube.com/embed/3DJiSO6yVYo?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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  <h2 class="wp-block-heading" id="strong-previous-australian-attempts-at-bitcoin-etfs-strong"><strong>Previous Australian attempts at bitcoin ETFs</strong></h2> 
  <p>Last year, Cosmos Asset Management’s bitcoin ETF <a href="https://crypto.news/australia-launch-bitcoin-etf/" rel="noopener noreferrer nofollow">attempted to become the first</a> in Australia. Still, it was established as a fund of funds, offering exposure to a Canadian spot bitcoin ETF managed by Purpose.</p> 
  <p>Eventually, Global X and 21Shares’ bitcoin ETF became the first to list in Australia, while Cosmos<a href="https://crypto.news/australias-cosmos-asset-management-to-de-list-crypto-etfs/" rel="noopener noreferrer nofollow"> delisted its offering </a>due to a lack of interest.</p> 
  <p>Spot bitcoin ETF applications have recently garnered significant attention, particularly in the US. In recent weeks, major financial firms such as Fidelity, Invesco, Wisdom Tree, Valkyrie, and BlackRock, a $10 trillion asset management firm, have filed for spot bitcoin ETFs.</p> 
  <p> Read more: <a href="https://crypto.news/coinbase-stock-closes-over-9-up-following-cboes-spot-bitcoin-etfs-partnership/" rel="noopener noreferrer nofollow"> Coinbase stock closes over 9% up following Cboe’s spot bitcoin ETFs partnership </a> </p>
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Monochrome revises spot bitcoin ETF application in Australia

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