Bittime - Monochrome, an Australian asset management company, has applied to launch Australia's first spot Bitcoin Exchange-Traded Fund (ETF). The ETF will be listed on Australia's Cboe global stock exchange.
Monochrome Eyes Mid-Year Approval
If approved, the Monochrome Bitcoin ETF will be the first in Australia to allow direct ownership of Bitcoin. Currently, Australia already has two securities trading products that provide exposure to spot crypto assets on Cboe Australia, but neither holds Bitcoin directly.
Monochrome CEO, Jeff Yew, is optimistic that Cboe Australia will make a decision regarding this ETF application before mid-2024. Initially, Monochrome plans to list this product on the Australian Securities Exchange (ASX), the largest stock exchange in Australia with higher trading volume.
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Monochrome Strategy Selects Cboe Australia
Although the ASX offers greater trading volume, Monochrome chose Cboe Australia as the listing site for their Bitcoin ETF. This decision is based on alignment with Monochrome's strategic objectives, namely working with market operators that have an established reputation, strategic position and expertise across Asia, as well as ease of access for a wider range of investors.
ETF Approval Process in Australia
In contrast to the United States, the ETF approval process in Australia requires companies to first obtain permission from the regulator, namely the Australian Securities and Investments Commission (ASIC), before submitting a product listing application to the stock exchange. Monochrome has previously managed to gain approval from ASIC for their Bitcoin ETF.
Also Read: Buy Bitcoin vs Spot Bitcoin ETF, Which is More Profitable?
Monochrome Bitcoin ETF: Flagship Product
Monochrome Bitcoin ETF is the company's flagship product. Previously, in January 2024, Monochrome Asset Management's head of legal and compliance, Derek Vladimir Henningsen, predicted their Bitcoin ETF would list in the second quarter of this year.
Also Read: Why Did Bitcoin Prices Drop After Bitcoin Spot ETF Was Approved?
Cboe Australia: Part of the Global Network
Cboe Australia is one of five global stock exchanges owned by Cboe Global Markets. Monochrome's choice of Cboe Australia as the listing location for the Bitcoin ETF indicates their confidence in the stock exchange's reputation and global network.
Also Read: Cryptocurrency ETF: Definition, How it Works, and Examples
Positive Impact for Australian Crypto Investors
If approved, the presence of the Monochrome Bitcoin ETF is expected to have a positive impact on crypto investors in Australia. This product offers an easier and safer way for investors to invest in Bitcoin without the hassle of storing these crypto assets directly.
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The Future of Crypto ETFs in Australia
The application for the Monochrome Bitcoin ETF is an indicator of growing investor interest in crypto assets in Australia. Cboe Australia's decision regarding this application is eagerly awaited, and it is hoped that it will pave the way for the birth of more innovative and regulated crypto investment products in Australia.
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How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Bitcoin: SEC Green Signal For Spot Bitcoin ETF
How to Buy Bitcoin in Australia and Safe Storage
How are Cryptocurrency Regulations in Australia, Complete Explanation and Tax Rules
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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