Dubai Financial Services Authority (DFSA) became the first in the Middle East to approve the Bitcoin Fund (QBTCu.TO). The digital asset fund is now available for trade on Nasdaq.
Dubai’s finance watchdog approves listing of Bitcoin fund. The DFSA is using fintech and innovative technologies to establish itself as an innovative regulator.
Earlier this week, the Dubai Financial Services Authority (DFSA) approved the Bitcoin Fund (QBTCu.TO); it launched on Nasdaq on June 23, 2021, and became the Middle East’s first listed digital asset fund.
QBTCu.TO invests in Bitcoin and other digital assets, with a focus on investments that are typically less volatile than Bitcoin or other cryptocurrencies, such as stablecoins and tokens with underlying assets. The fund also invests in companies that are using blockchain technology to explore solutions in industries including banking, insurance, healthcare, utilities and more.
DFSA On A Mission To Make Dubai The World’s Leading Financial Center
The DFSA is using fintech and innovation to make Dubai the world’s most important financial center; the Bitcoin Fund (QBTCu.TO) is a great example of how we’re doing just that.
This fund seeks to provide investors with exposure to Bitcoin (BTC) and its daily price fluctuations in United States dollars, as well as long-term capital appreciation. The fund uses a diversified portfolio of digital assets to invest in Bitcoin and U.S. dollar-denominated assets.
As per a report from Trade Arabia, the Bitcoin Fund can now list up to $200 million worth of units on Nasdaq Dubai, having been approved by the DFSA. This status allows the region’s first crypto-based product to satisfy growing demand for regulated instruments.
The Bitcoin Fund will be available to investors of all levels, from big banks to individual traders.
As the world’s most popular digital currency continues to outperform expectations due to institutional adoption and renewed excitement by retail investors, Bitcoin has seen its value surge in the last four months, reaching an all-time high of $66,000 this week.
The Middle East Is Committed to Adopting Fintech
Nasdaq Dubai is the first official stock exchange to offer this new service in the Middle East, which is part of its commitment to embrace fintech.
With the DFSA’s focus on fresh technology and innovative financial solutions, the organization aims to establish itself as an innovative regulator for the region. A new set of regulations for crypto asset investments was recently announced by the DFSA, as reported by Cointelegraph.
First published here.