Bitcoin Fund (QBTCu.TO), a Canadian private equity fund, has received regulatory approval from the Dubai Financial Services Authority (DFSA). The fund debuted on Nasdaq on June 23, 2021 and was the first digital asset fund listed in the Middle East.
The fund aims to give investors access to Bitcoin (BTC) and daily Bitcoin exchange rate changes in USD, as well as to raise capital in the long term. The fund is a diversified portfolio of digital assets that invests in money market instruments denominated in Bitcoin and USD.
A report from Trade Arabia indicates that the Bitcoin fund can now place units worth up to $ 200 million on Nasdaq Dubai after approval from the Dubai Financial Services Authority (DFSA). This means that the region’s first cryptocurrency-based product can be registered on a regulated platform to meet the growing demand from institutional investors. The Bitcoin Fund will be available to investors at all levels, from large banks to individual traders.
Bitcoin’s value has risen over the past four months, reaching a new all-time high of $ 66,000 this week. The world’s # 1 digital currency continues to exceed expectations thanks to broader institutional adoption and renewed enthusiasm among private investors.
Nasdaq Dubai is the first official exchange in the Middle East to offer this new service as part of its commitment to leverage financial technology.
DFSA is trying to establish itself as an innovative regulator for the region, focusing on modern technology and innovative financial solutions that can drive economic growth. As reported by Cointelegraph, DFSA recently announced new rules for investing in cryptocurrencies.