Dubai FSA Approves Listing Of Bitcoin Fund On Nasdaq – Official.

Digital assets appear to be gaining traction with the Dubai Financial Services Authority (DFSA). The Bitcoin Fund, a closed-end investment entity located in Canada, has been approved by the financial authority in the eastern Arabian Peninsula. The fund became the first listed digital asset fund in the Middle East when it launched on the Nasdaq on June 23, 2021.

The fund is a diversified portfolio of digital assets that include Bitcoin (BTC) and money market instruments denominated in US dollars. The fund will give investors exposure to Bitcoin as well as daily Bitcoin price movements in US dollars, as well as long-term capital appreciation.

Following clearance by the DFSA, the Bitcoin Fund is now able to list up to $200 million worth of units on Nasdaq Dubai, according to a report by Trade Arabia, a local media site.

The Bitcoin Fund will be the first cryptocurrency-based product to be offered on a regulated exchange in the area. The fund is anticipated to meet the rising demand for digital assets among institutional investors. The Bitcoin Fund will be open to all types of investors, from large institutions to individual traders.

Bitcoin has risen in value during the previous four months, reaching a new all-time high of $66,930.39 just seven days ago. Because of increased institutional usage and renewed enthusiasm among ordinary investors, the world’s most popular digital currency continues to beat forecasts.

Nasdaq Dubai is also the first official stock exchange in the Middle East to provide this new service, as part of its fintech commitment.

The DFSA is seeking to promote itself as a forward-thinking regulator in the area by concentrating on new technologies and financial solutions that may assist the region to prosper economically. New restrictions for crypto-asset investments were recently issued by the banking watchdog.

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