Australia's First Spot Bitcoin ETF With Direct BTC Holdings to Go Live on Tuesday
The nation's first spot-bitcoin ETF to hold bitcoin directly launches in Australia on Tuesday.
Monochrome Asset Management applied for approval in April. The swift approval reflects a push by the nation to keep up with global trends around crypto-related ETFs.
Australia-based Monochrome Asset Management’s Monochrome bitcoin {{BTC}} exchange-traded fund (ETF) (IBTC) will begin trading on the Cboe Australia exchange on Tuesday, the company told CoinDesk.
The product is the first and only ETF that holds bitcoin directly in Australia, the company said.
“Before IBTC, Australian investors were only able to invest in ETFs that indirectly hold bitcoin or through offshore bitcoin products, both of which don’t benefit from the investor protection rules under the directly held crypto asset Australian Financial Services Licensing (AFSL) licensing regime,” the announcement said.
Australia already has two exchange-traded products providing exposure to spot crypto assets on Cboe Australia but they do not hold bitcoin directly.
The company applied for a spot bitcoin (BTC) ETF in April 2024. Since the U.S. approved spot bitcoin ETFs in January 2024, regions such as Hong Kong and Australia have signaled an openness to the products. By the end of April, Hong Kong had officially approved the first batch of crypto-related spot ETFs, a first for the city as it aimed to become a leading digital assets hub.
In Australia firms require the approval of the regulator, the Australian Securities & Investments Commission (ASIC), and then the exchange listing the product, in this case Cboe Australia. Monochrome had already won approval from ASIC for this product.
Monochrome Asset Management applied for approval in April. The swift approval reflects a push by the nation to keep up with global trends around crypto-related ETFs.
Australia-based Monochrome Asset Management’s Monochrome bitcoin {{BTC}} exchange-traded fund (ETF) (IBTC) will begin trading on the Cboe Australia exchange on Tuesday, the company told CoinDesk.
The product is the first and only ETF that holds bitcoin directly in Australia, the company said.
“Before IBTC, Australian investors were only able to invest in ETFs that indirectly hold bitcoin or through offshore bitcoin products, both of which don’t benefit from the investor protection rules under the directly held crypto asset Australian Financial Services Licensing (AFSL) licensing regime,” the announcement said.
Australia already has two exchange-traded products providing exposure to spot crypto assets on Cboe Australia but they do not hold bitcoin directly.
The company applied for a spot bitcoin (BTC) ETF in April 2024. Since the U.S. approved spot bitcoin ETFs in January 2024, regions such as Hong Kong and Australia have signaled an openness to the products. By the end of April, Hong Kong had officially approved the first batch of crypto-related spot ETFs, a first for the city as it aimed to become a leading digital assets hub.
In Australia firms require the approval of the regulator, the Australian Securities & Investments Commission (ASIC), and then the exchange listing the product, in this case Cboe Australia. Monochrome had already won approval from ASIC for this product.
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intellectual Sheep_2 : Total trading volume for all Hong Kong Bitcoin ETFs stood at $8.5 million (HK$67 million) for the first trading day. It's a joke. let's see the next joker
EZ_money intellectual Sheep_2 :
