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Monochrome inches closer to ASX listing

With the AFSL in hand, Monochrome is poised to launch the first bitcoin ETF on the ASX, Australia’s most popular equities exchange.

Monochrome Asset Management satisfied ASIC that they are competent to operate a spot (i.e., not derivative) ETF. They announced last week that they were granted an AFSL (Australian Financial Services Licence).

An AFSL is legally required to market a financial product, provide or deal in securities, and provide a custodial service. Many expect that acquisition of the AFSL is a prelude to listing IBTC on the ASX. The ASX is by far the most popular equities exchange in Australia.

This publication has described the launch of three other bitcoin ETFs that use derivatives or are funds-of-funds. If a bitcoin ETF is listed on the ASX, it may attract investment though superannuation. Currently, it’s necessary to establish an SMSF to invest in bitcoin with superannuation.

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