Monochrome Asset Management, an asset manager based in Australia, has acquired an Australian Financial Services license (AFSL). The CEO of the platform, Jeff Yew, stated that the ASFL certification is important as presently authorized crypto ETFs within Australian jurisdiction just run in line with the general financial asset certification and hold crypto assets just indirectly.
Monochrome Received Exclusive License for Offering Crypto ETFs in Australia
As per Yew, the crypto ETFs of Monochrome – on the contrary – will straightly hold the essential crypto-assets. In addition to this, it has a specific authorization provided on the behalf of the Australian Securities & Investments Commission (ASIC) for this purpose. The executive of Monochrome mentioned that the approval denotes an important move forward facilitating both the retail investors as well as the overall industry.
In his words, it is good to provide the investors a choice especially while operating within the regulated sector, as there is no equality between all of the offerings. He added that the people who invest in the ETFs of Monochrome will recognize that the funds in their possession are being directly invested into Ethereum (ETH) and Bitcoin (BTC). He also claimed that the crypto assets-related regulatory standards prescribed by the ASIC are keenly complied with by these ETFs.
Also read:Platform Does Not Confirm any Date for ETF’s Launch
At the moment the platform has not mentioned any confirmed date to launch the Monochrome Bitcoin ETF (IBTC). However, some rough anticipations point out that September 2022 will be the month for this after the issuance of TMD and PDS following their regulatory approvals. It was asserted by Yew that working in line with an Australian Financial Services License (ASFL) under a straight authorization of crypto assets guarantees a vigorous ASIC observation.
With authorization from AFSL, the retail investors will be provided with exclusive and regulated investment options via certified financial advisers. Apart from that, enhanced protections will also be availed by the investors. The establishment of Monochrome was carried out at the start of the previous year by Jeff Yew (the person who formerly served as the CEO of Binance Australia) to expand the acceptance of crypto assets within Australia.
The platform has been operating on its project of ETFs since this year’s February. In general, the procedure for securing a license regarding financial services usually requires half or a complete year.
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