Bitcoin Fund (QBTCu.TO) launched by Canadian firm 3iQ Digital Asset Management (3iQ) became the first registered product of its kind in the Middle East. This happened after the approval of the Dubai Financial Services Authority (DFSA), writes Trade Arabia.
The auction of the structure, which is also listed on the Toronto Stock Exchange (TSX), started on the Nasdaq Dubai exchange on June 23, 2021. Thus, the fund’s investment declaration assumes the purchase of Bitcoin and investments in US dollar-denominated money market instruments.
In addition, the DFSA has allowed additional distribution of QBTCu.TO shares for up to $200 million. Canaccord Genuity and Dalma Capital will support the initiative. Moreover, BHM Capital has appointed 3iQ as a liquidity provider. Therefore, the publication noted the high interest in the offer from local institutional and retail investors.
Focusing on new technologies and financial solutions
Bitcoin (BTC) has risen in value over the last four months, reaching a new all-time high of $66,000 this week. Because of increased institutional usage and renewed enthusiasm among retail investors. The world’s number one digital currency continues to beat forecasts.
Nasdaq Dubai is the Middle East’s first official stock exchange to provide this new service, as part of its commitment to embracing fintech.
The DFSA is seeking to promote itself as an innovative regulator in the region by focusing on new technologies and financial solutions that can assist the region to grow economically.
A hub for the emerging ecosystem of new technologies
Recall that earlier in September, the UAE Securities and Commodities Authority and the Dubai World Trade Center Administration (DWTCA) signed an agreement to support cryptocurrency trading and related services in the DWTCA free zone.
This allows the DWTCA to issue the necessary permits and licenses for financial activities related to digital assets.
“DWTCA expects to become a hub for the emerging ecosystem of new technologies”. Said Helal Saeed Al Marri, CEO of DWTCA and the Department of Tourism and Commerce Marketing (DTCM).