Dubai to approve the first Bitcoin ETF in the Middle East

The first BTC-based ETF entered the Middle East – the Dubai financial regulator approved the application of the Bitcoin Fund to list on Nasdaq Dubai.

The ETF fund was launched by 3iQ DAM in April 2021. Developers selected Toronto as the headquarter location for the Bitcoin Fund – the investment institution issued shares listed on Nasdaq under the ticker QBTC. At the moment of writing, the share’s price is 77.45 CAD (62.6 USD).

3iQ company was among the Canadian pioneers of the crypto investment industry, and now its representatives revealed huge expansion plans.

The application approved by the Dubai Financial Services Authority empowered the Bitcoin Fund to be listed on Nasdaq Dubai and disclosed new investment opportunities for Middle Eastern major players.

The application approved by the Dubai Financial Services Authority empowered the Bitcoin Fund to be listed on Nasdaq Dubai and disclosed new investment opportunities for Middle Eastern major players.

3iQ CEO, Frederic Pye comments on the industry-changing event: “We are exceptionally proud to be approved by the DFSA. The listing on Nasdaq Dubai impacted the fast-growing appetites of Middle Eastern institutional investors. Since we have got an opportunity to meet larger sales offerings, the new stage of our crypto expansion begins here.”

The investment corporation understands the Middle East as among the most promising regions to develop its crypto business.

Dubai is known for its innovations, as the city plans to implement blockchain technologies into the vast majority of sectors. As for UAE citizens, 73% of 18+ residents understand crypto assets as a promising instrument to invest money in. This is why the United Emirates were the starting place to commence conquering the region.