By concentrating on fintech and new technologies, the DFSA is promoting itself as a forward-thinking regulator for the area. The Dubai Financial Services Authority has approved the Bitcoin Fund, a closed-end investment entity established in Canada (DFSA). The fund made its Nasdaq debut on June 23, 2021, becoming the Middle East’s first listed digital asset fund.
The fund’s objective is to give investors with exposure to Bitcoin (BTC) and daily Bitcoin price fluctuations in US dollars, as well as long-term capital appreciation. The fund invests in Bitcoin and dollar-denominated money market securities.
According to Trade Arabia, the Bitcoin Fund has been approved by the DFSA to list up to $200 million worth of units on Nasdaq Dubai. This enables the region’s first crypto-based product to be listed on a regulated exchange to meet rising institutional investor demand. The Bitcoin Fund will be open to all investors, from large institutions to individual traders.
Bitcoin’s value has risen dramatically over the previous four months, hitting a new all-time high of $66,000 this week. The world’s most popular digital currency continues to surpass forecasts, due to rising institutional usage and renewed investor excitement.
Nasdaq Dubai is the Middle East’s first official stock exchange to provide this new service, as part of its commitment to fintech adoption.
The DFSA is aiming to promote itself as a forward-thinking regulator in the area by concentrating on cutting-edge technology and new financial solutions that have the potential to stimulate economic development. As Cointelegraph previously reported, the DFSA has proposed new regulations governing crypto-asset investments.
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