Dubai financial regulator approves the listing of Bitcoin funds

The closed-end investment vehicle Bitcoin Fund (QBTCu.TO) located in Canada has received regulatory approval from the Dubai Financial Services Authority (DFSA). The fund was listed on NASDAQ on June 23, 2021, becoming the first listed digital asset fund in the Middle East.

The goal of the fund is to provide investors with Bitcoin (Bitcoin) And Bitcoin’s daily price changes in U.S. dollars, as well as long-term capital appreciation. The fund is a diversified portfolio of digital assets that invests in currency market instruments denominated in Bitcoin and U.S. dollars.

A sort of report by Trade Arabia stated that after obtaining DFSA approval, Bitcoin funds can now list units worth up to 200 million U.S. dollars on Nasdaq in Dubai. This enables the region’s first crypto-based product to be listed on a regulated platform to meet the growing needs of institutional investors. From big banks to individual traders, investors of all levels can use Bitcoin funds.

In the past four months, the value of Bitcoin has soared, Set an all-time high of US$66,000 this week. Due to more and more institutional adoption and renewed enthusiasm of retail investors, the performance of the world’s largest digital currency continues to exceed expectations.

Nasdaq Dubai is the first official stock exchange in the Middle East to offer this new service as part of its commitment to embrace financial technology.

The DFSA is trying to establish itself as an innovative regulator in the region by focusing on new technologies and innovative financial solutions that may help drive economic growth.According to Cointelegraph, DFSA recently Announcing new rules for investing in crypto assets.