Jeff Yew’s Monochrome to launch spot BTC ETF in Australia after receiving regulatory approval 

The Australian Securities Watchdog has given renowned digital asset manager Monochrome permission to launch spot Bitcoin exchange-traded fund or ETF.

Monochrome is among the first asset management companies to obtain an Australian financial services license (AFSL) from the Australian Securities & Investments Commission (ASIC) for crypto-related ETFs, according to an official release.

The company stated that the Monochrome Bitcoin ETF products provide individual investors with direct insured exposure to and experience with the performance of Bitcoin, Ethereum, and other cryptocurrencies. The asset manager, however, remained quiet regarding the product’s trading launch date.

The regulator’s acceptance of this license variation, according to Monochrome CEO Jeff Yew, “represents a major step forward for the advice industry and retail investors, allowing advisers to meet the market demands of their clients when it comes to the emerging crypto-asset class.”

Monochrome aims for massive expansion

The proposal for a Bitcoin ETF from Monochrome has been under development since February 2022. In order to shed light on the expansion of the bitcoin investment industry, the company at the time started a series. The asset management also looked at American initiatives for the introduction of a Bitcoin ETF.

While the U.S. has approved a number of Bitcoin ETFs with futures contracts, it has consistently rejected all requests for a spot-based Bitcoin ETF. The U.S. Securities and Exchange Commission or SEC recently rejected Grayscale’s proposal to convert the Grayscale Bitcoin Trust (GBTC) to a full-fledged Bitcoin ETF product. Later in June, Grayscale filed an appeal with the United States Court of Appeals for the District of Columbia Circuit against the rejection decision of the SEC, as TheCoinRise reported.

In preparation for the introduction of a Bitcoin ETF in Australia as the top cryptocurrency reaches maturation and gains institutional acceptance, Monochrome believed the review would be beneficial.

Former CEO of Binance Australia Jeff Yew founded Monochrome in early 2021 to push the institutional adoption of cryptocurrency assets in Australia. The Monochrome Bitcoin Fund, a capital growth investment instrument for wholesale clients, is possibly the asset manager’s most well-known product.