The first bitcoin exchange-traded fund (ETF) of Latin America has been approved in Brazil, the region’s largest economy.

The bitcoin ETF was launched by QR Asset Management and is expected to be listed on Brazil’s main stock exchange B3, according to a Friday announcement from QR Capital, the asset manager’s holding company. The listing date has yet to be disclosed, but Reuters reported Friday that the listing will take place “by June.”

The ETF, sporting the ticker symbol QBTC11, has been approved by CVM, the Securities and Exchange Commission of Brazil, said QR Capital.

QBTC11 is the fourth bitcoin ETF to receive approval in the Western Hemisphere after three Canadian bitcoin ETFs were launched in recent weeks — Purpose Bitcoin ETF, Evolve Bitcoin ETF, and CI Galaxy Bitcoin ETF.

Read Also:   75 Eth2 validators got slashed this week due to a Staked bug

QR Capital said the approval of QBTC11 could speed up the approval of a bitcoin ETF in the U.S. because CVM and the SEC are affiliated members of the International Organization of Securities Commissions.

Indeed, recent developments suggest that a bitcoin ETF may finally get the nod from regulators in the U.S. this year, as The Block reported last week.

There are currently four bitcoin ETF applications pending review by the SEC — each one from WisdomTree Investments, VanEck Associates Corp., NYDIG Asset Management, and Valkyrie Digital Assets.

Related Reading

Download MAXBIT Android App, Your best source of all crypto news!
Google Play

Source link

Latin America's first bitcoin ETF receives approval in Brazil

by Evan A. Warren
Choose A Format
Voting to make decisions or determine opinions
Formatted Text with Embeds and Visuals
The Classic Internet Listicles
Upload your own images to make custom memes
Youtube, Vimeo or Vine Embeds
Soundcloud or Mixcloud Embeds
Photo or GIF
GIF format