Australian asset manager Monochrome Asset Management has landed the country’s first Australian financial services license (AFSL) for a spot crypto exchange-traded fund (ETF).
Speaking to Cointelegraph, Jeff Yew, CEO of Monochrome Asset Management, said the AFSL approval is significant, as until this point, approved crypto ETFs in Australia only operate under general financial asset authorization and only indirectly hold crypto-assets.
Yew noted that Monochrome’s crypto ETFs, on the other hand, will directly hold the underlying crypto-assets and is specifically authorized by the Australian Securities & Investments Commission (ASIC) to do so.
The Monochrome executive said the approval represents a significant step forward for both the advice industry and retail investors:
“We see choice being a good thing for investors, particularly when dealing in the regulated space, as not all offerings are equal.”
”Investors investing in Monochrome’s ETFs will know that their funds are...
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