Dubai financial regulator approves Bitcoin fund listing.

Launched by the Canadian firm 3iQ Digital Asset Management, the Bitcoin Fund (QBTCu.TO) became the first registered product of its kind in the Middle East. This followed approval by the Dubai Financial Services Authority (DFSA), Trade Arabia reports.

Trading of the structure, which is also listed on the Toronto Stock Exchange, began on Nasdaq Dubai on June 23, 2021.

The fund’s investment mandate envisions purchasing bitcoin and investing in dollar-denominated money-market instruments.

The DFSA approved a further placement of QBTCu.TO shares up to $200 million. Canaccord Genuity and Dalma Capital will back the initiative. 3iQ has appointed BHM Capital as the liquidity provider.

The publication noted strong interest in the offer from local institutional and retail investors.

As reported, in September the UAE’s Securities and Commodities Authority and the Dubai World Trade Centre Authority (DWTCA) signed agreement to support cryptocurrency trading and related services in the DWTCA free zone.

Subscribe to ForkLog news on Telegram: ForkLog Feed — the full news feed, ForkLog — the most important news, infographics and opinions.