Located in Sydney, Monochrome Asset Management is a licensed financial services provider in Australia (AFSL). “ETF” Platform CEO Jeff Yew argued that the ASFL certification is crucial because all currently allowed crypto ETFs inside Australian jurisdiction only follow the general financial asset certification and hold crypto assets only indirectly.
In Australia, Crypto Exchange Traded Funds (ETFs) Will Be Offered Exclusively By Monochrome.
Yew claims that in contrast, Monochrome’s crypto ETFs will just invest in the most important cryptocurrencies. Additionally, it has been granted a license by the Australian Securities and Investments Commission (ASIC) for this very reason. The certification is a significant step forward that will benefit retail investors and the sector as a whole, according to a Monochrome executive.
According to him, offering many options to investors is a good thing, especially when doing business in a regulated industry where products and services are not created equal. Investors in Monochrome’s ETFs, he continued, will know that their money is going straight into cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC). He further asserted that the ETFs in question strictly adhere to the ASIC’s regulations concerning crypto assets.
No Launch Date for the ETF Has Been Confirmed by the Platform.
No official release date for the Monochrome Bitcoin ETF has been announced by the platform as of yet (IBTC). Some estimates put the release of the TMD and the PDS once they have been approved by regulators in September of 2022. Yew claimed that a strict authorization of crypto assets and compliance with an Australian Financial Services License (ASFL) would lead to close ASIC monitoring.
Certified financial advisors can offer exclusive and regulated investment solutions to retail clients once they have authorization from an AFSL. In addition, the investors will have better safeguards. Jeff Yew, the former CEO of Binance Australia, founded Monochrome at the beginning of the previous year with the goal of increasing the country’s general adoption of cryptocurrency.
Since February of this year, the platform has been actively managing its ETF project. As a rule of thumb, expect to spend six months to a year on the licensing process for financial services.