Dubai finance watchdog approves listing of Bitcoin fund

The Bitcoin Fund (QBTCu.TO), a closed-end funding automobile primarily based in Canada, has obtained regulatory approval from the Dubai Monetary Companies Authority. The fund debuted on Nasdaq on June 23, 2021 and have become the primary listed digital asset fund within the Center East.

The fund’s purpose is to supply buyers within the shares of the fund with publicity to Bitcoin (BTC) and the each day value modifications of the U.S. greenback value of Bitcoin, in addition to long-term capital appreciation. The fund is a diversified portfolio of digital belongings that invests in Bitcoin and U.S. dollar-denominated cash market devices.

A report by Commerce Arabia states that the Bitcoin Fund is now able to listing as much as $200 million price of models on Nasdaq Dubai, following its approval by the DFSA. This enables the area’s first crypto-based product, which is listed on a regulated platform, to fulfill rising demand from institutional buyers. The Bitcoin Fund shall be accessible to buyers of all ranges, from huge banks to particular person merchants.

During the last 4 months, Bitcoin has surged in worth, breaking a brand new all-time excessive of $66,000 this week. The world’s primary digital forex is continuous to outperform expectations because of rising institutional adoption and renewed enthusiasm amongst retail buyers.

Nasdaq Dubai is the primary official inventory change within the Center East to supply this new service, which is a part of its dedication to embrace fintech. 

The DFSA is trying to ascertain itself as an revolutionary regulator for the area by specializing in contemporary know-how and revolutionary monetary options that will assist drive financial progress. As reported by Cointelegraph, DFSA not too long ago introduced new guidelines for crypto-asset investments.