The Dubai Financial Services Authority (DFSA) is establishing itself as an innovative regulator for the region by focusing majorly on innovative and fintech technology.
A closed-end investment vehicle based in Canada, the Bitcoin Fund (QBTCu.TO), has acquired regulatory approval from the DFSA. The fund debuted on Nasdaq on June 23 this year and it became the first listed digital asset fund in the Middle East.
The fund aims to offer the investors exposure to Bitcoin (BTC) and the daily price changes of Bitcoin in US dollars; and long-term capital appreciation. This fund is a diversified portfolio of digital assets that invests in Bitcoin and US dollar-denominated money market instruments.
A report that was published by Trade Arabia states that the Bitcoin Fund is now in a great position to list nearly $200 million worth of units on Nasdaq Dubai, after its approval by the DFSA.
Buy Bitcoin NowDubai Bitcoin Fund Becomes Available Soon
It enables the region’s first cryptocurrency-based product that is listed on a regulated platform; to satisfy surging demand from institutional investors. Notably, the BTC Fund will become available to investors of all levels from big banks to individual investors and traders.
In the past four months, Bitcoin has surged in value, reaching a new all-time high of $66,000 some days ago. The world’s leading digital currency is continuing to outperform expectations due to growing institutional adoption and renewed enthusiasm among retail investors.
Nasdaq Dubai became the first official stock exchange in the Middle East to offer the new service that is part of its commitment to invest and embrace fintech. The DFSA is trying to establish itself as an innovative regulator for the region by focusing on new technology and innovative financial solutions that might help in driving economic growth.
Based on previous reports, the Dubai Financial Services Authority recently introduced new rules for cryptocurrency asset investments.
