The Monochrome bitcoin (BTC) exchange-traded fund (ETF) (IBTC) from Australia’s Monochrome Asset Management will go live on the Cboe Australia platform on Tuesday, the business announced. Per the company, this product is the first and only exchange-traded fund (ETF) that holds bitcoin directly in Australia. “Prior to IBTC, Australian investors could only make investments through offshore bitcoin products or ETFs that indirectly hold bitcoin; neither of these options are covered by the investor protection regulations under the Australian Financial Services Licencing (AFSL) licencing regime for directly held crypto assets.”
Although they do not directly hold bitcoin, Australia already has two exchange-traded products that give exposure to spot crypto assets on Cboe Australia. In April 2024, the company filed for a spot bitcoin (BTC) exchange-traded fund (ETF).
Following the U.S.’s approval of spot bitcoin ETFs in January 2024, several countries, including Australia and Hong Kong, have indicated that they are amenable to the products.
As part of its goal to establish itself as a premier hub for digital assets, Hong Kong formally approved the first set of spot ETFs tied to cryptocurrency by the end of April. In April 2024, the company filed for a spot bitcoin (BTC) exchange-traded fund (ETF). Following the U.S.’s approval of spot bitcoin ETFs in January 2024, Australia and Hong Kong have indicated that they are open to the product.
The first set of spot ETFs tied to cryptocurrency was formally approved at the end of April in Hong Kong, a first for the city as it strives to become a centre for digital assets. A spot bitcoin (BTC) exchange-traded fund (ETF) application was submitted by the company in April 2024. Areas like Australia and Hong Kong have indicated that they are open to the products since the United States legalised spot bitcoin exchange-traded funds (ETFs) in January 2024. The first set of spot ETFs tied to cryptocurrency was formally approved at the end of April in Hong Kong, a first for the city as it strives to become a centre for digital assets.
Companies in Australia need to obtain approval from the Australian Securities & Investments Commission (ASIC), which is the regulatory body, and the exchange that lists the product—in this case, Cboe Australia. ASIC had previously given Monochrome the go-ahead to produce this item.
This is consistent with Monochrome’s investor protection-focused goal of providing safe, legal, and simple ways for people to get involved in this innovative market. CEO Jeff Yew of Monochrome Asset Management