The Bitcoin Fund (QBTCu.TO), a closed-end investment vehicle based in Canada, has received regulatory approval from the Dubai Financial Services Authority (DFSA). The fund debuted on the Nasdaq on June 23, 2021 and became the first publicly traded digital asset fund in the Middle East.
The aim of the fund is to provide investors with exposure to Bitcoin (BTC) and the daily price changes of Bitcoin in US dollars, as well as long-term capital appreciation. The fund is a diversified portfolio of digital assets that invests in money market instruments denominated in Bitcoin and US dollars.
A report from Trade Arabia said that the Bitcoin Fund, following its approval by the DFSA, is now able to list units worth up to $ 200 million on the Nasdaq Dubai. This enables the region’s first crypto-based product to be listed on a regulated platform to meet the growing demand from institutional investors. The Bitcoin Fund will be available to investors of all levels from major banks to retailers.
Bitcoin has risen in value over the past four months, hitting a new all-time high of $ 66,000 this week. The world’s number 1 among digital currencies continues to exceed expectations thanks to increasing institutional acceptance and renewed enthusiasm among private investors.
Nasdaq Dubai is the first official exchange in the Middle East to offer this new service, which is part of their commitment to fintech.
DFSA seeks to establish itself as an innovative regulator for the region by focusing on new technologies and innovative financial solutions that can contribute to economic growth. As reported by Cointelegraph, the DFSA recently announced new rules for investing in crypto assets.