DFSA passes the first-ever BTC fund in the Middle East

The closed-end investment vehicle in Canada, Bitcoin Fund(QBTCu.TO), found its way to the open doors of the Dubai Financial Services Authority (DFSA) that approved the same. This approval marks the beginning of a historical journey in the history of the Middle East as the first listed digital assets fund. 

The goal of this new fund is to provide users with the exposure to Bitcoin and its price action on a daily basis. The Canada-based Fund debuted back on July 23, 2021, on NASDAQ with the aim of keeping track of long-term capital appreciation. It is basically a diversified portfolio containing digital assets, and it invests in BTC and American dollar-denominated money market instruments.

The Bahrain-based business news and information portal, Trade Arabia, published a report that reveals that the Bitcoin Fund has the capability to list up to $200 million worth of units on Nasdaq Dubai after getting approved by the DFSA. This implies huge institutional investment money piling up as the demand for the region’s first crypto-based product has been rising every day.

Notably, the BTC Fund would be available to every kind of investor, be it institutional or an individual. As TheCoinRise reported, BTC has breached its previous all-time high (ATH) this week, surging from $45,000 to $66,000 in a month. The king coin is continuously outperforming the speculations thanks to high demand among retail investors and increasing institutional adoption.

DFSA welcomes fresh, innovative ideas

On the other hand, DFSA has plans to emerge as an innovative regulator in the region by adopting new technology and ideas. The officials said that they are welcoming innovative financial solutions to increase economic growth. Interestingly, as we reported, the DFSA, on October 26, announced new regulations for crypto investments.

Nasdaq Dubai has become the first stock exchange in the Middle East region to provide this service under its mission to embrace fintech.