Brazil becomes the second country in the world to approve a Bitcoin ETF

The Brazilian Securities and Exchange Commission (CVM) has approved the first Bitcoin ETF in Latin America.

🔴 URGENT: CVM has just approved the first Bitcoin ETF in Latin America, the QBTC11.

The QR Asset Management ETF, managed by the QR Capital group, will be listed on B3, which becomes the second exchange in the world to offer a 100% Bitcoin ETF.

— QR Capital (@qrcapital) March 19, 2021

The ETF managed by QR Asset Management under the ticker QBTC11 will be listed on the B3 exchange in São Paulo.

Trading in the Bitcoin ETF will mirror the performance of the CME CF Bitcoin Reference Rate index from the Chicago Mercantile Exchange (CME Group).

The firm is part of the QR Capital group. According to information on the website, QR Asset Management oversees cryptocurrency assets worth 423 million reais (~$77 million) and serves more than 10,000 clients in Latin America.

QR Capital noted that the fund has become the fourth such regulated Bitcoin-based investment product in the world — three of them were launched in Canada since the start of this year. B3 will become the second stock exchange to offer access to such an instrument.

The company believes that the CVM’s decision could speed the approval of a Bitcoin ETF launch in the United States. The Brazilian regulator, like the SEC, is a member of the International Organization of Securities Commissions (IOSCO), which coordinates regulation of the industry.

The alliance also includes the Ontario Securities Commission (OSC), which registered Bitcoin-based ETFs from Purpose Investments, Evolve Funds Group, as well as a joint product from CI Global Asset Management (CI GAM) and Galaxy Digital by Mike Novogratz.

As noted, the SEC has received proposals to launch Bitcoin ETFs from VanEck, Bitwise Asset Management, Valkyrie Digital Assets, NYDIG and WisdomTree.

As of writing, the regulator has begun considering only the first of them.

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