Cryptocurrency News

Bitcoin ETFs Go Live In Brazil And Dubai

By June 25, 2021 No Comments

Over the last few months, we have witnessed some groundbreaking achievements in the crypto industry. Even though regulators in the USA still haven’t approved a Bitcoin ETF (exchange-traded fund), this type of investment vehicle is now becoming available in other countries. For example, Canada’s first Bitcoin ETF launched earlier this year, and additional options have since also become available to Canadian investors. 

Brazil and Dubai have also taken a similar step, with Bitcoin ETFs launching in the two countries for the first time ever. 

Before now, a Bitcoin ETF created by QR Capital was approved by regulators in the country. The ETF has gone live with the approval already granted and is listing on the B3, a Brazilian stock exchange. The Bitcoin ETF that just went live in Brazil was given the green light by the Brazilian Securities and Exchange Commission.

The Bitcoin ETF going live in Dubai was created by 3iQ, an asset management firm in Canada that has almost $1.5 billion in assets under management. With that, it has created history as the first-ever Bitcoin ETF to make its debut in the country after regulators gave it a seal of approval around April. 

Cryptocurrency ETFs can be very useful to investors because they provide a way to gain exposure to the performance of cryptocurrencies without having to actually hold the cryptocurrencies themselves.

Presently, the ETFs launched in Canada have seen remarkable success after the first two that launched broke records just days after they were launched. The first Bitcoin ETF that was launched, Purpose ETF, saw massive trade volume of $165 million in a day.

Investors are still keeping up hopes that the United States would reconsider and approve their first ETF. The United States SEC has named market manipulation concerns as one of the main reasons why it has not yet approved any Bitcoin ETF proposal.