The Dubai Financial Services Authority (DFSA) has approved the Bitcoin Fund (QBTCu.TO), a closed end investment vehicle based in Canada. The fund was listed on Nasdaq in June 2021 and became the first digital asset fund to be listed in the Middle East.
The fund’s purpose is to give investors exposure to Bitcoin (BTC), the daily price fluctuations of Bitcoin in United States Dollars, and long-term capital appreciation. The fund invests in Bitcoin as well as U.S. dollars-denominated money markets instruments.
Trade Arabia reports that the Bitcoin Fund can now list units worth up to $200 Million on Nasdaq Dubai. This is after it has been approved by the DFSA. This permits the region’s first cryptocurrency-based product to be listed on a regulated platform. Investors of all levels, from large banks to individual traders, will have access to the Bitcoin Fund.
Bitcoin’s value has risen by over 60% in the past four months to $66,000 this week. The No. 1 digital currency in the world. The world’s No. 1 digital currency continues to exceed expectations due to increasing institutional adoption and renewed enthusiasm from retail investors.
This new service is offered by Nasdaq Dubai, the Middle East’s first stock exchange. It is part of the company’s commitment to fintech.
The DFSA is trying to be an innovative regulator in the region. It focuses on new technology and financial solutions that can help drive economic growth. Cointelegraph reported that the DFSA has recently released new rules regarding crypto asset investments.