The first spot Australian Bitcoin ETF with direct holdings in BTC will probably be a reality soon, as asset Monochrome’s CEO has affirmed the development.
A historic moment in Australia’s crypto sector will probably take place in 2024. The country will likely witness the first Australian Bitcoin ETF soon. Asset management firm Monochrome will launch the exchange-traded fund (ETF). The firm has already procured the necessary licenses from Australian regulators (ASIC) for the ETF.
Although there are a few Bitcoin exchange-traded products (ETPs) in Australia, they only invest indirectly in BTC via other products. The Monochrome Bitcoin ETF will be the first to operate similarly to the US spot BTC ETFs. In 2023, the asset manager filed the application for the Monochrome Bitcoin ETF with the Australian Securities Exchange. But, it has now planned to launch the ETF on the Cboe Australia exchange.
Jeff Yew, the firm’s CEO, said, “We anticipate a decision from Cboe Australia about the Monochrome Bitcoin ETF before the middle of 2024. The Monochrome Bitcoin ETF stands to be the first Bitcoin ETF in Australia authorized to hold Bitcoin directly.” He claimed their ETF was identical to the ones in the US.
The new Australian Bitcoin ETF could largely boost the country’s crypto industry. Australian crypto investment numbers are already bullish. Tax authorities confirmed it in December 2023, claiming the Australian crypto investment had exponentially expanded. With the new likely ETF approvals, Australian crypto investors could have another way to gain exposure to Bitcoin.
Another aspect of crypto that has progressed in Australia is a central bank digital currency (CBDC). The Reserve Bank of Australia has implemented multiple tests and explored the possible use cases of a CBDC.
Check out Millionero’s blog which posts daily updates on the crypto sector along with the latest blogs! Also head to our crypto exchange and start trading crypto seamlessly!