Dubai finance watchdog approves listing of Bitcoin fund


Dubai-based BitOasis Exchange has been approved by the Dubai Financial Services Authority (DFSA) to list a fund which will invest in Bitcoin and other cryptocurrencies.

The Dubai Financial Services Authority (DFSA) has approved the listing of a fund that will invest in cryptocurrency. The announcement comes after a period during which several investment firms applied for licenses to operate as crypto-investment funds, according to an article from Business InsiderThe “3iq bitcoin fund” is a fund that has been approved by the Dubai finance watchdog. The fund will be listed on the Dubai Financial Market (DFM).

 

The Dubai Financial Services Authority has granted regulatory permission to the Bitcoin Fund (QBTCu.TO), a closed-end investment entity located in Canada. On June 23, 2021, the fund had its Nasdaq debut, becoming the Middle East’s first publicly traded digital asset fund.

The fund’s purpose is to offer long-term capital appreciation and exposure to Bitcoin (BTC) and daily price movements in the US dollar price of Bitcoin to investors in the fund’s shares. The fund is a diversified portfolio of digital assets that includes Bitcoin and money market instruments denominated in US dollars.

According to a report by Trade Arabia, the Bitcoin Fund has received authorisation from the DFSA to list up to $200 million worth of units on Nasdaq Dubai. This enables the region’s first crypto-based product to meet rising demand from institutional investors by being listed on a regulated platform. The Bitcoin Fund will be open to all types of investors, from large institutions to individual traders.

Bitcoin has risen in value over the previous four months, reaching a new all-time high of $66,000 this week. Because of increased institutional usage and renewed excitement among ordinary investors, the world’s most popular digital currency continues to beat forecasts.

Nasdaq Dubai is the Middle East’s first official stock exchange to provide this new service, which is part of the exchange’s resolve to embrace fintech. 

The DFSA is seeking to promote itself as a forward-thinking regulator in the area by concentrating on new technologies and financial solutions that may assist the region prosper economically. The DFSA has issued new guidelines for crypto-asset investments, according to Cointelegraph.

The “emirates cash flow” is a cryptocurrency that has been approved to be listed on the Dubai International Financial Centre (DIFC) exchange. The fund will provide investors with exposure to cryptocurrencies.

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