A Bitcoin ETF begins trading in the Middle East. It is the Canadian fund of the 3iQ firm.
Canadian crypto fund manager 3iQ was authorized by the Dubai Financial Services Authority to list its Bitcoin ETF (BTC) in the Middle East market . In this way, the fund broadens its scope and becomes the largest in the world, of those approved so far.
As the United States Securities and Exchange Commission (SEC) evaluates proposals from Grayscale and Galaxy Digital to approve the first exchange-trade-founds, several countries around the world are beginning to advance those financial tools .
“We believe that this is the right time to expand this unique investment opportunity in the Middle East region, ” said Frederick Pye , president and CEO of 3iQ, in dialogue with Reuters.
The Canadian fund that will now operate in the Middle East will begin trading on Nasdaq Dubai this quarter . In this way, the region’s market joins the Canadian and Brazilian markets. In the South American giant, the first two ETFs in Latin America were approved at the beginning of the month .
Specialists hope that the global adoption of these types of instruments will have a significant impact on the price of BTC , since the financial companies behind these ETFs must inaugurate them with large investments in the market. However, the magnitude of the US operations means that almost all expectations are placed on the SEC’s progress.