Dubai’s financial watchdog approves listing of Bitcoin fund

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The Bitcoin Fund (QBTCu.TO), a Canada-based closed-end investment vehicle, has received regulatory approval from the Dubai Financial Services Authority. The fund debuted on Nasdaq on June 23, 2021 and became the first listed digital asset fund in the Middle East.

The fund’s objective is to provide investors in the fund’s shares with exposure to Bitcoin (BTC) and daily changes in the US dollar price of Bitcoin, 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.

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A report from Trade Arabia indicates that the Bitcoin Fund is now able to list up to $ 200 million in units on Nasdaq Dubai, after its approval by the DFSA. This allows the region’s first crypto-based product, which is listed on a regulated platform, to meet growing demand from institutional investors. The Bitcoin Fund will be available to investors of all skill levels, from major banks to individual traders.

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Over the past four months, Bitcoin has gained in value, hitting a new all-time high of $ 66,000 this week. The world’s number one digital currency continues to exceed expectations thanks to growing institutional adoption and renewed enthusiasm from retail investors.

Nasdaq Dubai is the first official exchange in the Middle East to offer this new service, which is part of its commitment to embrace fintech.

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The DFSA is trying to establish itself as an innovative regulator for the region by focusing on new technologies and innovative financial solutions that can help boost economic growth. As reported by TBEN, the DFSA recently announced new rules for crypto-asset investments.