Monochrome CEO Jeff Yew files for ETF - Positive about the result

[Flexystar]

In an interesting news today we have another winner who is going against the wild trading monopoly and applying for the ETF for the Bitcoin and Ether as well. This is happening in the Australia and Monochrome CEO Jeff Yew is the guy behind this success. Monochrome is also one of the highly reputed investment firm after the BlackRock. The partnering firm is Vasco.

Monochrome has initiated their application already with Australian Security Exchange and they have way to go for the License. CEO of Monochrome is highly confident that it will help the natives to trade these two assets with full confidence as they get protected status just like trading the Traditional way.

“Through a Bitcoin ETF, it makes it possible for them to buy and use the asset class in however they see fit with the investment choices [and] in a regulated manner, and also operating within the regular regulatory perimeter.”

With various financial institutes applying for the ETF, I think we have amazing days ahead in the future as many countries and regulatory bodies will finally accept the fate of Bitcoin ETF.

Australian-based crypto investment firm Monochrome Asset Management has updated its application to offer a spot Bitcoin  BTC $31,226 exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) through its partner Vasco Trustees.
The ETF — Monochrome Bitcoin ETF — will be able to offer retail Australian investors direct exposure to Bitcoin and Ether (ETH), according to the firm’s July 14 announcement.

Speaking to Cointelegraph, Monochrome CEO Jeff Yew explained that by obtaining a license, Australian retail investors would be exposed to Bitcoin within a formidable regulatory landscape:
“So that is the benefit, I guess, compared to, say, unregulated exchanges where there’s no investor protection,” he added.

Yew believes that if a Bitcoin ETF goes live on ASX, it will send a “clear signal” to traditional investors that the “unregulated Wild West is coming to an end” because their investments will be backed by a “familiar,” “structured” and “protected environment.”

Vasco, its “Responsible Entity Partner,” is authorized under an Australian Financial Services Licence to offer retail investors regulated exposure to the cryptocurrency market, the firm stated.

Spot Bitcoin ETF applications have been a focus point for the industry lately, particularly in the United States. In recent weeks, the industry has seen spot Bitcoin ETF filings from major financial firms, including Fidelity, Invesco, Wisdom Tree, Valkyrie and the $10 trillion asset management firm BlackRock.

Reference: Monochrome revises filing for spot Bitcoin ETF at Aussie stock exchange

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[btc_angela]

I think everyone is on the bandwagon today. But I think it's better if we will get a approval from the US SEC itself because it's going to be huge.

And if I'm not mistaken, there are also countries that might have approved bitcoin ETF (I might be wrong though), but all eyes are still in the US SEC. And now that Ripple labs have won their case against SEC maybe sooner or later SEC might bent and give way to crypto with a Spot Bitcoin ETF approval.

[dzungmobile]

I think everyone is on the bandwagon today. But I think it's better if we will get a approval from the US SEC itself because it's going to be huge.

Bitcoin Spot ETFs will come and we need time. Wait and don't feel like after such news, that application will be approved. The lastest won lawsuit of Ripple against SEC. that XRP is a commodity, not a security is a big win not only for Ripple but also for cryptocurrency communities.

From that lawsuit, SEC. could not arbitrarily sue any cryptocurrency company and automatically win it. Same with Bitcoin Spot ETF applications, they will have to follow existing regulations to approve it. They are not powerful to drive most of cryptocurrency companies out of the USA.

And if I'm not mistaken, there are also countries that might have approved bitcoin ETF (I might be wrong though), but all eyes are still in the US SEC. And now that Ripple labs have won their case against SEC maybe sooner or later SEC might bent and give way to crypto with a Spot Bitcoin ETF approval.

The world look at the USA. as they have biggest economy and about laws, regulations, they are leader too.

[ZAINmalik75]

That's a good news for BTC. No doubt such steps are not in favor of the decentralization of BTC blockchain for which it was mainly developed but still, such steps are necessary. To migrate the interest of investors and market spectators towards cryptocurrency too. Because most of people are still ignoring crypto and focusing on Stocks, forex, etc.

Which of course a good source of income but instead of making income they are not the best to store money value. So if these ETFs got approved which I think will start getting approvals once Block Rock got it. Then the adoption of BTC will increase but unfortunately, the main purpose of decentralization will not be promoted. Which is bad.

But still I have firm believe that approval of such ETFs will increase the price of BTC because the dominance will increase over ALTs. The main con of it will be not getting full control of your BTC. I do not understand why would traditional people will buy such share from centralized authorities while they know those centralized authorities also bought it from decentralized platform or maybe centralized but the BTC remains the same. Then why those people targeted as users, try to buy directly from exchanges instead of buying shares of such ETF approved platforms.

[Sayeds56]

I think everyone is on the bandwagon today. But I think it's better if we will get a approval from the US SEC itself because it's going to be huge.

And if I'm not mistaken, there are also countries that might have approved bitcoin ETF (I might be wrong though), but all eyes are still in the US SEC. And now that Ripple labs have won their case against SEC maybe sooner or later SEC might bent and give way to crypto with a Spot Bitcoin ETF approval.

Indeed, favorable court decision about XRP is very exciting news for crypto currencies markets. It has generated new wave of optimism in crypto community. The next important event could be approval of BlackRock spot ETF. BlackRock is one of the leading financial institutions with enormous potential to invest in new emerging projects and technologies, their involvement in Bitcoin will potentially propel Bitcoin price to new heights.

[dezoel]

I do not get why people get hyped about these things, it just doesn't look like something that is realistically could happen, I feel like this is just a situation that will pass and it is going to be one of those situations like the ones we have seen before. I do not guess anything bigger would happen.

I know a lot of people put their hope into ETF's because if they happen then that's going to be a good reason to make money and they think that they are going to make a lot of money from it but that doesn't mean that we are going to end up with a profit like they assume neither, it is going to be totally different than that. Lets hope that they actually do something that makes sense and make a profit because it is a different situation.

[Sayeds56]

That's a good news for BTC. No doubt such steps are not in favor of the decentralization of BTC blockchain for which it was mainly developed but still, such steps are necessary. To migrate the interest of investors and market spectators towards cryptocurrency too. Because most of people are still ignoring crypto and focusing on Stocks, forex, etc.

Certainly, purchasing Bitcoin shares through ETFs means transferring custody and management of your assets to a centralized authority, and it goes against the core idea of decentralization Bitcoin was built upon. However, it is important to note that ETFs are playing significant role for promotion and adoption of Bitcoin by attracting broader range of investors, and ETF of MicroStrategy is a good example in this regard. The rationale behind buying shares of thee ETFs is that, some investors prefer security and regulation provided by these ETFs managements.

[Lucius]

Maybe this is news that may interest someone in Australia, but globally I don't see that it can have any significant impact on the rest of the world. According to LinkedIn, it is a relatively small company with only 14 employees - and the data on employees on their official site and on LinkedIn do not even match - pretty unprofessional for someone who's investing and managing someone else's assets.

~snip~
With various financial institutes applying for the ETF, I think we have amazing days ahead in the future as many countries and regulatory bodies will finally accept the fate of Bitcoin ETF.

Maybe you're mistaken in your vision of what would happen in that case - because every spot BTC ETF is actually custodial service and increasing centralization, and a growing departure from what Bitcoin should actually be. Of course, the average small investor just wants a higher price, and he thinks that this will be achieved by large investors starting to buy large amounts of BTC, but this game is a two-blade sword.

[tabas]

Honestly, I don't know that company until the news give them the highlight and joins the bandwagon for the application for a Bitcoin ETF. This gives win-win situation both for Bitcoin and for them if ever they get an approval. But as long as it remains to be an application, there's no celebration yet but we do see that many companies are starting to get interested onto these Bitcoin ETFs. I think they do understand that it is because they're still ahead of the game compared to the other markets that they've been in.

[Eternad]

Honestly, I don't know that company until the news give them the highlight and joins the bandwagon for the application for a Bitcoin ETF. This gives win-win situation both for Bitcoin and for them if ever they get an approval. But as long as it remains to be an application, there's no celebration yet but we do see that many companies are starting to get interested onto these Bitcoin ETFs. I think they do understand that it is because they're still ahead of the game compared to the other markets that they've been in.

It’s an Australian which surely an unknown company to anyone that doesn’t live on Australia. AFAIK, other country SEC usually is not that strict compared to US especially those country that show support and acceptance to crypto. Australia is one of the country that is on normal status in terms of crypto acceptance.

I think they may got this application approved since the hype is already there which makes country may have interest on crypto ETF as way to introduce crypto to its citizen safely and in a more regulated manner.

[darkangel11]

With various financial institutes applying for the ETF, I think we have amazing days ahead in the future as many countries and regulatory bodies will finally accept the fate of Bitcoin ETF.

Why is there so much hype surrounding ETFs? It's better to teach people about self custody and responsibility. People who invest in these ETFs don't care about bitcoin and the principles it was built upon.
All they want is for their broker to buy them some of this "bitcoin stock" that young people are talking about all the time.

On the other hand, maybe it's for the better that they do it this way instead of buying it themselves and forgetting their seed, or falling prey to scammers with remote desktop software.

[tabas]

Honestly, I don't know that company until the news give them the highlight and joins the bandwagon for the application for a Bitcoin ETF. This gives win-win situation both for Bitcoin and for them if ever they get an approval. But as long as it remains to be an application, there's no celebration yet but we do see that many companies are starting to get interested onto these Bitcoin ETFs. I think they do understand that it is because they're still ahead of the game compared to the other markets that they've been in.

It’s an Australian which surely an unknown company to anyone that doesn’t live on Australia. AFAIK, other country SEC usually is not that strict compared to US especially those country that show support and acceptance to crypto. Australia is one of the country that is on normal status in terms of crypto acceptance.

I think they may got this application approved since the hype is already there which makes country may have interest on crypto ETF as way to introduce crypto to its citizen safely and in a more regulated manner.

You're right, it's always US' SEC that's too strict when it's all about the crypto matters and applications for ETFs. But they're also somehow good when it's about cracking down those scam projects and chasing the owners of it. They're the ones that's also filing cases against those violators and endorsers that have been misleading people to invest. At least with that, they're able to make something good and gives justice to the victims of those scams. Well, about the approval, it won't just be approved because of the hype. As long as the compliance is complete, there's no reason for them to reject it.

[mvdheuvel1983]

I think everyone is on the bandwagon today. But I think it's better if we will get a approval from the US SEC itself because it's going to be huge.

And if I'm not mistaken, there are also countries that might have approved bitcoin ETF (I might be wrong though), but all eyes are still in the US SEC. And now that Ripple labs have won their case against SEC maybe sooner or later SEC might bent and give way to crypto with a Spot Bitcoin ETF approval.

They are all rushing in now.
Some of these institutions are eating their words in regards to what they have said about Bitcoin in the past. The application is happening first in America while Europe, Asia, Africa are standing by to watch the outcome of the ETFs on the shares of these institutions to know if they would join the bandwagon as you have described or not.

[adaseb]

Bitcoin etfs were already released in many countries and it’s not going to be surprising if they are approved in Australia. USA was the only developed country which didn’t approve a physical Bitcoin etf.

So given the news of late, I am not surprised they are filing because they want to be the first in the country. And most likely their security laws aren’t as strict as the SEC so it will probably get approved.

But getting a physical ETF approved in USA is a completely different story.

[Fiatless]

Maybe you're mistaken in your vision of what would happen in that case - because every spot BTC ETF is actually custodial service and increasing centralization, and a growing departure from what Bitcoin should actually be. Of course, the average small investor just wants a higher price, and he thinks that this will be achieved by large investors starting to buy large amounts of BTC, but this game is a two-blade sword.

The investors that made the price go high will also have the power to make the price go down. Most people including me want the price to go high but we should also be ready because these big firms can easily manipulate the price because they have a large number of coins. Bitcoin was designed to be a decentralized currency and anything short of this goal will have some negative effect.

Honestly, I don't know that company until the news give them the highlight and joins the bandwagon for the application for a Bitcoin ETF. This gives win-win situation both for Bitcoin and for them if ever they get an approval. But as long as it remains to be an application, there's no celebration yet but we do see that many companies are starting to get interested onto these Bitcoin ETFs. I think they do understand that it is because they're still ahead of the game compared to the other markets that they've been in.

Getting approval in Australia might not be as difficult as in the US. After all spot bitcoin ETF is not new in most countries. Countries like Brazil, Dubai, Canada, and some in Europe have approved it. The US is getting more attention because of its large crypto market.

[DapanasFruit]

I am sure that this move by another financial firm named Monochrome will not be the last when it comes to filing for the approval of ETF...and this is in Australia so I am guessing that there can be more ETF filings in other parts of the world with regulatory agency so they can all start doing business taking advantage with the strong and upward interest of the market with BTC and crypto in general. Who will eventually get the dreamed approval from authorities and be doing brisk business is something worth excited to watch. Will this be good for Bitcoin in particular? It can be yes in terms of short-term advantages but going into the future is something hard to speculate.

[tabas]

Honestly, I don't know that company until the news give them the highlight and joins the bandwagon for the application for a Bitcoin ETF. This gives win-win situation both for Bitcoin and for them if ever they get an approval. But as long as it remains to be an application, there's no celebration yet but we do see that many companies are starting to get interested onto these Bitcoin ETFs. I think they do understand that it is because they're still ahead of the game compared to the other markets that they've been in.

Getting approval in Australia might not be as difficult as in the US. After all spot bitcoin ETF is not new in most countries. Countries like Brazil, Dubai, Canada, and some in Europe have approved it.

I haven't seen the news yet that those countries you've mentioned did approved a spot Bitcoin ETF. Maybe I've just missed those news and if they're for real, that's certainly a good news and the media should have been all over it. And as of typing this, I did a quick search and I've just seen the Brazil ETF and it was like a few years ago and why it seem that I haven't seen that, really missed that one. Thanks mate.

The US is getting more attention because of its large crypto market.

They are the center of the markets and that's why every result like rejection or approval, there's always the media that follows it and make headlines. And that's why if the news of approval ain't from US, the media portrays that they're not a big thing globally.