Monochrome Asset Management, a cryptocurrency investment firm, announced on Friday that its partner Vasco Trustees revised its application with the Australian Securities Exchange (ASX) to offer a spot Bitcoin (CRYPTO: BTC) ETF.

An official statement issued by the company stated the Monochrome Bitcoin ETF (IBTC) will grant investors "direct exposure" to Bitcoin.

This action reportedly represented the first filing for a spot Bitcoin ETF on the ASX under Australia's newly implemented crypto regulations.

According to the updated guidance from the Australian Securities and Investments Commission (ASIC), an investment vehicle must demonstrate a high degree of "institutional support and acceptance of the crypto asset" to be approved.

Specifically, "reputable and experienced service providers" should be prepared to back ETPs that invest in or provide exposure to crypto assets.

Additionally, a "mature spot market" and a "regulated futures market" for trading derivatives linked to the crypto asset should be in place.

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Currently, only two Australian financial services (AFS) license holders, including Vasco, have retail crypto-asset license authorization.

Other licensees serve wholesale clients.

Monochrome CEO Jeff Yew's opinion was that the launch of a Bitcoin ETF on the ASX would send a "clear signal" to traditional investors that the era of the "unregulated Wild West" is drawing to a close.

He added that the new investment vehicle would offer a "familiar," "structured," and "protected environment."

Yew further clarified how this fund differs from others, stating, "What sets us apart from other fund structures is that the Monochrome Bitcoin ETF is authorized under the 'crypto-asset' licensing category, which allows the fund to hold Bitcoin directly on the fund level."

Yew also expressed confidence in a positive outcome.

It's worth noting that Europe is also making progress in this area, with the region's first spot Bitcoin fund set to launch this month after a 12-month delay.

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