A groundbreaking moment unfolds in Australia's financial domain as Monochrome Asset Management unveils the Monochrome Bitcoin (BTC) exchange-traded fund (ETF) (IBTC) for trading on the Cboe Australia exchange from Tuesday onwards. This pivotal launch ushers in Australia's premier ETF directly holding Bitcoin, presenting investors with a regulated and straightforward route to participate in the cryptocurrency sector. The Australian Securities and Investments Commission (ASIC) has granted approval for the product, ensuring its compliance with investor protection rules within the Australian Financial Services Licensing (AFSL) framework, which sets stringent standards for directly held crypto assets, distinct from ETFs holding Bitcoin through indirect or offshore means. Following the US's authorization of spot Bitcoin ETFs in January 2024, jurisdictions like Hong Kong and Australia have followed suit. Hong Kong's recent approval of a series of crypto-related spot ETFs underscores the global inclination towards integrating these financial instruments. Jeff Yew, CEO of Monochrome Asset Management, emphasizes the significance of this launch by emphasizing Monochrome's commitment to safeguarding investors and providing secure, compliant, and accessible pathways to engage in the dynamic cryptocurrency sphere. The direct holding structure of IBTC is positioned to offer Australian investors enhanced protection and transparency, aligning with Monochrome's unwavering focus on security and regulatory compliance.
Australia's First Spot Bitcoin ETF Launches on Cboe Australia Exchange - Impact and Implications

by Giorgi Kostiuk
2 years ago

Other news
Hedge Funds Reduce Long Positions in Ethereum

Recent data indicates that hedge funds have significantly reduced their long positions in Ethereum, contributing to selling pressure in the market.

USDTWD Exchange Rate Consolidation Near 32 Level Amid Economic Shifts

The USDTWD currency pair shows a consolidation bias around the critical 32 level amid Taiwan's economic shifts.

Jed McCaleb Redirects $1 Billion from XRP to AGI Investment

Jed McCaleb redirects $1 billion from his XRP fortune to invest in Artificial General Intelligence (AGI), aiming to build an AI system inspired by the human brain.

Astera Institute to Focus on Neuroscience-Inspired AI Development

The Astera Institute, founded by Jed McCaleb, will enhance its focus on neuroscience-inspired approaches to AI development.

Technology Stocks Lead Market Gains Amid Improved Risk Appetite

Technology shares rebounded strongly, driving much of the market's gains as investor sentiment improved.

Nubank's Nucoin Faces Major Collapse

Nubank's loyalty token, Nucoin, launched in 2023, has collapsed by 97%, leading to trading suspension in September 2024, affecting sixteen million users.

Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter