announced Investment management firm Monochrome says its entity, Vasco Trustees Lid, has received authorization and approval from the Australian Securities and Investments Commission (ASIC) to operate crypto-asset exchange-traded funds (ETFs) on the exchange.

The Australian Securities Commission grants approval for the first ever exchange-traded crypto ETF:

Licensed under the Australian Financial Services License (AFSL), Monochrome has obtained a mandate allowing it to provide crypto asset management services (such as Bitcoin and Ethereum) to retail investors, a first of its kind.

According to the announcement, the company hopes that the new fund will distinguish itself from other ETFs. The announcement also states that the license will open up new regulated investment opportunities for direct retail investors and through licensed financial advisors.

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Jeff Yu, CEO of Monochrome, said:

The newly received license represents an advance in both areas – retail investors and the crypto asset management industry – as it now allows for customer demand for the emerging crypto asset class to be met.

According to the company, the Monochrome Bitcoin Fund is a capital growth fund aimed at investors looking for a familiar investment tool that closely tracks the price of bitcoin.

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