The Dubai Financial Services Authority (DFSA), which is establishing itself as an innovative regulator, has given the green light for a Bitcoin fund QBTCu.TO to be listed in the region.
QBTCu.TO is a closed-end investment vehicle based in Canada. It debuted on NASDAQ on June 23, 2021, making it the first listed digital asset fund in the Middle East. It is a diversified portfolio of digital assets that invests in Bitcoin and U.S. dollar-denominated assets. The fund aims to grant investors exposure to Bitcoin (BTC) while updating them with the daily price changes of Bitcoin in USD, as well as long-term capital appreciation.
According to a report by Trade Arabia, the approval by the DFSA has presented the Bitcoin fund an opportunity to list up to $200 million worth of units on Nasdaq Dubai. This will in turn allow the region’s first officially listed crypto-based product to satisfy the growing demand from institutional investors and individual traders.
Nasdaq Dubai is the first official stock exchange to offer this new service in the Middle East.
Meanwhile, the DFSA is gradually positioning itself as the chief finance watchdog in the region by focusing on fresh technology and innovative financial solutions that may help boost the growth of the economy. It recently announced new rules for crypto investments.
Switching to Bitcoin, the flagship cryptocurrency has surged in value over the last four months, reaching a new all-time high of $67,000 this week. The leading cryptocurrency is consistently proving its doubters wrong, thanks to the increased institutional adoption and renewed passion among individual investors.