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HomeAltcoinsMonochrome receives ASIC’s crypto-asset licence to run Spot crypto ETFs

Monochrome receives ASIC’s crypto-asset licence to run Spot crypto ETFs

According to the investment management company Monochrome, the Australian Securities & Investments Commission (ASIC) has granted Vasco Trustees Lid permission to run spot-based crypto-asset exchange traded funds (ETFs). Through its responsible entity partner, Vasco, Monochrome, which holds an Australian financial services licence (AFSL) to provide management services for crypto-assets (such as bitcoin and ether) to retail investors, has obtained a new licence, the first of its type.

It is the first asset management company in Australia to obtain a crypto-asset authorization thanks to the new licence issued under the AFSL. In its statement, the company expressed its expectation that this would set it apart from rival crypto exchange-traded funds (ETFs), while also stating that the licence ‘opens new regulated investment options’ for direct retail investors and through licenced financial advisers. Monochrome CEO Jeff Yew stated:

“The regulator’s approval of this licence variation represents a major step forward for both the advice industry and retail investors, allowing advisers to meet the market demands of their clients when it comes to the nascent crypto-asset class.”

Early this year, Mason Stevens, an Australian supplier of worldwide administration and investment management services, teamed up with Monochrome to get access to the Monochrome Bitcoin Fund (MBF) and make it available to wholesale investors.

According to Yew, Mason Stevens has acknowledged the market’s need for access to the emerging crypto asset class. The inclusion of the MBF into their platform demonstrates how well they understand the direction and needs of the industry as well as the kind of product that is sought.

The Monochrome Bitcoin Fund, which is distributed via an Information Memorandum, is described by the company as a capital growth fund for wholesale investors searching for a well-known investment instrument that closely monitors the price of bitcoin.

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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