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Dubai Financial Regulator Approves Bitcoin Fund Which Is First Registered Product Of Its Kind In The Middle East

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Launched by Canadian firm 3iQ Digital Asset Management, the Bitcoin Fund (QBTCu.TO) is the first registered product of its kind in the Middle East.



The BTC fund got approval from Dubai Financial Services Authority (DFSA), writes Trade Arabia.

The investment declaration of the fund involves buying bitcoin and investing in USD-denominated money market instruments.

The bitcoin fund is interchangeable between Nasdaq Dubai and the Toronto stock exchange. The fund is also available to all kinds of investors.  3iQ has appointed Canaccord Genuity and Dalma Capital to arrange regional offering of the fund while BHM Capital was appointed as a fund liquidity provider.

In line with the approval of the offering, the Bitcoin Fund is now in a position to list up to $200 Million worth of units on Nasdaq Dubai which will allow the Middle East’s first listed digital asset product to be able to deliver on the growing demand from regional institutional investors.

Frederick Pye, Chairman, and CEO, 3iQ Digital Asset Management said:

“We are extremely proud to have received the approval of the ATM program from the DFSA. Since we listed The Bitcoin Fund on the Nasdaq Dubai, we have seen an ever-increasing appetite from the large regional institutional investors. With the ability to now execute significantly larger sale offerings we anticipate that this will help to further grow the fund in the region,”

As a reminder, in September, the UAE Securities and Commodities Authority and the Dubai World Trade Center Administration (DWTCA) entered into an agreement to support cryptocurrency trading and related services in the DWTCA Free Zone.

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Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Ammara authored more than 1,000 stories for TheCryptoBasic, CryptoComes and other fintech media outlets. She is particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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