Australian asset manager Monochrome Asset Management’s spot cryptocurrency exchange-traded fund (ETF) has been awarded the country’s first financial services license (AFSL).
The company’s chief executive, Jeff Yew, said in an interview that the AFSL’s approval is significant because prior to this, Australian-approved cryptocurrency ETFs could only operate under a regular financial asset mandate and could only hold cryptocurrencies indirectly. assets.
Yew noted that Monochrome’s crypto ETF will hold the underlying crypto assets directly and is specifically authorised by the Australian Securities and Investments Commission (ASIC).