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Investment management firm Monochrome has announced that its other entity, Vasco Trustees Lid, has received authorization from the Australian Securities & Investments Commission (ASIC) to operate spot-based crypto-asset exchange traded funds (ETFs).
The AFSL license separates it from other Australian crypto ETFs
Monochrome, which is licensed under an Australian financial services license (AFSL) to offer crypto-assets (such as bitcoin and ether) management services to retail investors has gotten another license, first of its kind through its responsible entity partner, Vasco.
The new license under the AFSL makes it the first asset manager in Australia with a crypto-asset authorization to achieve such. Per the announcement, the firm hopes this delineates it from other crypto ETFs, also noting that the license ‘opens new regulated investment opportunities for direct retail investors and through licensed financial advisers.’
Monochrome CEO Jeff Yew said the newly received license represents progress in both industries— the retail investors and the asset management industry, because it now allows for demands by clients to be met as regards the emerging crypto-asset class.
Providing these regulated and more secure rails means investors have a much higher degree of regulation when seeking this type of exposure, with both industry and investors emerging as winners, Yew added.
Wealth management platform adds Monochrome bitcoin fund
Early this year, Mason Stevens, an Australian investment management and global administration service provider, linked with Monochrome to access its Monochrome Bitcoin Fund (MBF) to offer it to wholesale investors.
“Mason Stevens has recognized the market demand for access to the nascent crypto asset class,” said Yew “The addition of the MBF to their platform offering underlines their thorough understanding of market direction and demand, as well as the type of product desired.”
According to the firm, the Monochrome Bitcoin Fund is a capital growth fund for wholesale investors looking for a familiar investment vehicle that closely tracks the price of bitcoin, issued via an Information Memorandum.