Dubai: Financial watchdog approves listing of Bitcoin (BTC) fund

The Dubai Financial Services Authority (DFSA) has given the green light to a Canadian Bitcoin fund. The DFSA is establishing itself as an innovative regulator for the region by focusing on financial and innovative technologies.

Dubai authorizes Bitcoin Fund (QBTCu.TO)

The Bitcoin Fund QBTCu.TO, a closed-end investment fund based in Canada, has received regulatory approval from the Dubai Financial Services Authority. The fund debuted on the Nasdaq on June 23, 2021 and became the first listed digital asset fund in the Middle East, reports Cointelegraph.

The fund’s objective is to provide its investors with exposure to bitcoin (BTC) and daily changes in the price of bitcoin in US dollars, as well as long-term capital appreciation. The fund is a portfolio of digital assets that invests in money market instruments denominated in bitcoin and US dollars.

a report of Trade Arabia says the QBTCu.TO fund is now able to list up to $ 200 million in units on Nasdaq Dubai, after its approval by the DFSA. This allows the region’s first bitcoin-based product, which is listed on a regulated platform, to meet growing demand from institutional investors. The Bitcoin Fund will be available to investors of all skill levels, from large banks to individual traders.

Over the past four months, bitcoin has gained in value, hitting a new all-time high of $ 66,000 this week. The leading cryptocurrency continues to exceed expectations thanks to growing institutional adoption and renewed enthusiasm from retail investors.

Nasdaq Dubai is the first official exchange platform in the Middle East to offer this new service, part of its commitment to adopt fintech.

The Dubai Financial Services Authority is trying to establish itself as an innovative regulator for the region by focusing on new technologies and innovative financial solutions that can help boost economic growth. As the report Cointelegraph, the DFSA recently announced new rules for crypto-asset investments.

Jean-Louis Lefevre

I am convinced that cryptocurrencies are opening up extraordinary new perspectives for us that I do not want to miss under any circumstances! I try to constantly enrich my skills in this area and share with you everything I learn with my followers and my hours spent exploring this universe.

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