Monochrome Amends Its Application for Spot Bitcoin ETF

In recent times, the applications for spot Bitcoin (BTC) ETF have grasped a lot of attention within the crypto market. Monochrome, a well-known asset management company based in Australia, has carried out some changes in its application for the release of a spot Bitcoin exchange-traded fund (or ETF).

Monochrome Makes Some Changes to Its Application for the Launch of Spot Bitcoin (BTC) ETF

As per an announcement made on the 14th of July, the platform will provide the respective exchange-traded fund on the Australian Securities Exchange via its collaborator named Vasco Trustees. Jeff Yew (the chief executive officer of the company) disclosed in his statement that the platform is much optimistic about approval. As per the executive, getting registered will enable retail investors in Australia to get exposure to the chief crypto Bitcoin.

In addition to this, the CEO added, it will assist in fortifying the regulatory landscape. He mentioned that the release of a Bitcoin ETF will enable consumers to purchase and utilize the asset class in line with their investment choices. In this way, they would be capable of using the Bitcoin ETF within the regulatory boundaries.

Also Read: Bitcoin Plunges as SEC Says Spot Bitcoin ETF’s Filings are “Inadequate”

Apart from that, the executive revealed that the release of the spot BTC ETF on ASX will provide a way for conventional investors into an era where they can avail themselves of more opportunities with appropriate regulations.

According to Yew, the funds invested by them will now be comprehensively shielded by a well-organized regulatory environment. In this way, the investors will feel protected and there will be no security hazards.

From the viewpoint of the executive, the applications regarding the spot BTC ETFs have witnessed a great spike recently. Even though the respective trend is considered to be general within the whole crypto market, such applications seem to be specifically more popular within the jurisdiction of the United States. The recent reports have brought to the front that the chief financial companies have been filing their applications concerning spot BTC ETFs.

The approval of these applications will potentially pave the way for a significant rise in the adoption of the chief cryptocurrency across the globe. BlackRock, a prominent asset management forum with a valuation of up to $10 trillion, is also included among the companies endeavoring to launch spot BTC ETFs. Furthermore, the platforms such as Valkyrie, Wisdom Tree, Invesco, and Fidelity have additionally submitted their applications.

Platform Expresses Optimism about Getting a License due to Its Collaborator Vasco Trustees

Monochrome categorized Vasco as a responsible collaborator which has accordingly received authorization from the Australian Financial Services to let retail investors have a regulated exposure to the world of cryptocurrency. Due to this, the asset management company is of the view that Vasco enhances the chances related to getting a license.