After the SEC’s approval of Bitcoin futures EFTs in the US, another confirmation news came from Dubai.
The Canadian-based investment vehicle “Bitcoin Fund” has received regulatory approval from Dubai Financial Services Authority (DFSA).
The Bitcoin Fund, which will start trading on Nasdaq Dubai in the coming days with the name “QBTCu.TO”, will be the first digital asset fund to be listed in the middle east.
Nasdaq Dubai became the first official exchange in the Middle East to list the Bitcoin fund, which debuted on the Nasdaq on June 23, 2021.
It was stated that the purpose of the fund is to provide investors with long-term capital gains as well as profits on daily changes in Bitcoin and Bitcoin prices in US dollars.
According to a report by Trade Arabia, the Bitcoin fund will be listed on Nasdaq Dubai for up to $200 million after receiving approval from the DFSA.
In addition, the Bitcoin fund will be available to investors of all levels, from institutional investors such as large banks to individual traders. The fact that the fund is the first cryptocurrency product to be listed on a regulated market in Dubai is important for meeting demand from investors.
The CEO of the company, Frederick Pye, said:
We are extremely proud to have received funding approval from the DFSA. Ever since we listed The Bitcoin Fund on Nasdaq Dubai, we’ve seen a growing appetite from major regional institutional investors.
We also believe that the ability to execute significantly larger sales offers will help further increase the fund’s presence and reputation in Asia.
*Not Investment Advice.