Monochrome to offer crypto spot ETFs in Australia
Monochrome, a capital growth fund, has been granted an Australian financial services licence (AFSL). It has become the first crypto firm in the country to secure approval. Now, Monochrome can expand its services by offering Bitcoin spot Exchange-traded Fund (ETF) in Australia.
Former Binance Australia CEO Jeff Yew established Monochrome in 2021. Since February, the firm has been working on the crypto Exchange-traded fund. For this, they partnered up with the Vasco Trustees, which helped the firm to get the licensing from the country’s authorities. The Australian Securities and Investments Commission (ASIC) granted permission for Monochrome to launch the crypto spot exchange traded fund.
The first AFSL-approved crypto ETF Australia
Monochrome crypto ETF will be the first AFSL-approved one in the country. Though the Australian ETF market is quite saturated, no asset managers are dealing with cryptocurrencies directly. Most fund managers operate as general financial asset managers and do not offer digital assets directly. Also, these firms are only compliant with the regions financial regulations to offer a crypto based product.
With Monochrome receiving an Australian financial services licence. This will allow it to offer a crypto spot ETF in the publicly traded and regulated Australian financial market, making it the first exchange to achieve it.
Jeff Yew on the AFSL approval
While sharing his views on the approval, Monochrome’s CEO said it is a significant move that will introduce direct dealings with the cryptocurrencies in the country. He also mentioned that their fund will be a secure option for the investors as it will work within the ASIC’s regulations.
Moreover, Jeff Yew disclosed that the investors can not only deal with Bitcoin but can also invest in other cryptocurrencies like Ethereum (ETH), Binance coin (BNB), and others.
The final date for the Bitcoin spot ETF Australia launch is not yet finalised. However, it is has been said that it is likely to be launched next month. This move will give crypto trading exposure to the Australian market with substantial transparency and security.
Author: Wasay Ali
Wasay Ali is a versatile professional writer with global experience and a background in mechanical engineering and social science. He is adept at crafting news and informational content for the crypto space and has experience writing for other niches. He is a professional SEO content writer who has worked with several digital marketing agencies and clients in the US, UK, Pakistan, and Europe. He is a dedicated volunteer and enjoys reading, writing, poetry, and going to the gym. He is an INFJ-A personality type dedicated to positively impacting the world. Wasay has a passion for writing as it allows him to express his creativity, share his knowledge, and connect with people worldwide.