Dubai: Financial watchdog approves listing of BTC
The Dubai Financial Services Authority has granted regulatory permission to the Bitcoin Fund (QBTCu.TO), a closed-end investment entity located in Canada (DFSA). Debuted on the Nasdaq on June 23, 2021, and launched by Canadian organization 3iQ Digital Asset Management, the Bitcoin Fund (QBTCu.TO), was the first registered product of its type in the Middle East. Read the article if you want to know how Dubai intends to overcome the information gap among average users regarding the new virtual currency field.
On June 23, 2021, trading of the structure, which is also listed on the Toronto Stock Platform, began on the Nasdaq Dubai exchange. The investment statement of the fund calls for the acquisition of bitcoin as well as investments in US dollar-denominated money market products. Moreover, the DFSA has authorized an additional offering of QBTCu.TO shares for up to $200 million. Canaccord Genuity and Dalma Capital will support this program. BHM Capital has been engaged as a liquidity provider by 3iQ.
The concept piqued the interest of both local institutional and individual investors and the Middle East’s first registered product will address the rising demand from institutional investors. The trading of Bitcoin funds is entirely transferable between the Toronto Stock Exchange and Nasdaq Dubai. This ensures that the asset is priced consistently, and as a fund, transactions may be completed with ease and convenience.
By the way, the UAE Securities and Commodities Authority and the Dubai World Trade Center Authority (DWTCA) signed an agreement in September to facilitate cryptocurrency trading and associated services in the DWTCA free zone. Following news of the introduction of the first ETF in the United States, Bitcoin just surpassed the $69,000 level, confirming a new peak. BTC continues to outperform expectations, owing mostly to a new phase of institutional adoption and revived retail investor interest. Bitcoin has undergone extraordinary growth as a digital asset, and with the Nasdaq Dubai fund, investors will have access to the most popular digital asset in a regulated environment with which they are acquainted.
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Valentyna Bereza, Team bit4you.