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Dubai regulators approve the listing of Bitcoin fund By BTC Peers

by Mike Robinson

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© Reuters. Dubai regulators have approved Bitcoin fund listing

Dubai Financial Services Authority (DFSA) has approved the listing of QBTCu.TO by the regional regulator. This is a pioneering regulatory body.

QBTCu.TO, a Canadian closed-end investment vehicle, is located in Canada. The fund was listed on NASDAQ in June 2021. It is the first digital asset fund to be listed on NASDAQ. The fund is composed of a variety digital assets, including Bitcoin and U.S.-denominated assets. It aims to give investors access to Bitcoin (BTC), as well as keeping them updated with daily Bitcoin price changes in USD and long-term capital growth.

Trade Arabia reports that the DFSA approved the Bitcoin fund’s listing on Nasdaq Dubai. The unit list could be worth up to $200 Million. This will in turn allow the region’s first officially listed crypto-based product to satisfy the growing demand from institutional investors and individual traders.

Nasdaq Dubai was the first stock exchange in Dubai to provide this service.

The DFSA, which is slowly becoming the regional chief financial watchdog, is focusing its efforts on new technology and innovative financial solutions to boost economic growth. Recently, it announced new regulations for crypto investment.

The flagship cryptocurrency, Bitcoin, has seen a surge in its value during the past four months and reached a record high of $67,000 last week. This leading cryptocurrency has been proven wrong by its critics, due to increasing institutional adoption and increased passion from individual investors.

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