The Dubai Financial Services Authority has approved the listing of a Bitcoin fund
The Bitcoin Fund is welcoming and warming up to the idea of digital funds. As we all know, the Bitcoin fund is a closed-end investment platform based out of Canada and has now become the first listed digital asset in the Middle East.
Following the approval from DFSA, the fund is now is a place to list up to 200 million dollars’ worth units on NASDAQ Dubai according to media reports. After listing on a regulated platform, BITCOIN gives more confidence to institutional investors. The move will fuel further demand for the region’s first crypto-based product. A renewed enthusiasm from retail investors and an increase in institutional use and demand led to Bitcoin reaching an all-time high in October.
DFSA is keen to project itself as a progressive regulator with this move
NASDAQ is the first stock exchange to offer such types of services and is the beginning of their plans to adopt fintech. It is a big boost for the world’s number one Crypto currency to be received and approved for a listed platform. The DFSA is embarking on a progressive journey of fusing new technology and innovative financial solutions and this can help in economic growth of the region. In line with this, they have announced the guidelines for crypto-asset investments.
Bitcoin has offered outstanding appreciation in the last decade. It is now available on a traditional investment vehicle in the region for the first time and is expected to bring in a surge from both retail and institutional investors. The DFSA is keen to project itself as a progressive and a forward thinking regulatory institution.