Happycoin.club - A spot Bitcoin ETF from Monochrome Asset Management will appear on the Australian crypto investment market in the coming hours. The IBTC ETF will trade under the ticker IBTC and will have a management fee of 0.98%.

Thanks to the Bitcoin ETF, Australian investors will have direct access to the flagship asset. The CME CF Bitcoin Reference Rate tracker will track the cost of the exchange product, which directly links its value to the spot price of the cryptocurrency. This approach eliminates the complexity and technical issues associated with purchasing and managing real Bitcoin.

Before IBTC, Australian investors could only invest in ETFs that held Bitcoin indirectly or through offshore Bitcoin products. But they are not subject to investor protection rules under Australia's directly held cryptocurrency financial services licensing (AFSL) regime, Monochrome Asset Management said.

The speed with which Australia's regulator has approved a cryptocurrency-based exchange product shows that the country intends to take its place in the "emerging cryptocurrency asset space."