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    Dubai finance authority approves Bitcoin fund listing

    Dubai finance authority approves Bitcoin fund listing

     

    A Canadian closed-end investment vehicle, the Bitcoin Fund (QBTCu.TO), has reportedly received regulatory approval from Dubai’s Financial Services Authority (DFSA).

     

     The fund was noted to be debuted on Nasdaq on June 23, 2021, becoming the first listed digital asset fund based in the Middle East.

     

     

    As per media reports, the fund’s goal is providing investors with exposure to Bitcoin and its daily price changes in USD, in addition to long-term capital appreciation. The fund is a diversified portfolio comprising of digital assets that makes investments in Bitcoin and US Dollar-denominated money market instruments.

     

     

    One of Trade Arabia’s reports states that the Bitcoin Fund has now reached a position where it can list up to $200 million worth of units on Nasdaq Dubai, after its approval by the DFSA. Hence this enables the region’s first crypto-based product – listed on a regulated platform – to efficiently satisfy the increasing demand from institutional investors. 

     

     

    The Bitcoin Fund would be available to multiple levels of investors, including those from big banks and individual traders. 

     

    In the last four months, Bitcoin has surged in value to reach its all time-high of $66,000 this week. Dubbed as the world’s biggest digital currency, Bitcoin is continuing to outperform expectations due to its growing institutional adoption and surging enthusiasm among retail investors.

     

     

    With this, Nasdaq Dubai has become the first official stock exchange in the Middle East to offer this new service, hence marking a major milestone towards its commitment to embracing fintech. 

     

     

    The DFSA has reiterated its attempt to establish itself as an “innovative regulator” for the Middle East region by showing this focus on fresh technology and innovative financial solutions that would assist in driving economic growth. 

     

     

    The DFSA has also recently announced new rules for crypto-asset investments.

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