Brazil's regulator approved the launch of the first ETF in Latin America to Bitcoin - Bits Media

Brazilian securities commission and exchanges (CVM) approved the launch of the first Latin America of the Exchange Index Fund (ETF) of bitcoin. A fund called QBTC11 will be launched by QR Capital.

The cost of shares (shares) ETF is calculated based on the basket certain assets, Following their market value. In the case of ETF on bitcoin, The exchange fund is tied to this cryptocurrency. ETF Bitcoin is traded on traditional exchanges, which allows institutional investors to get safe access to the digital assets market. TO

QR Capital has reported, that QBTC11 will be placed on the San Paulo Stock Exchange (B3). This fund has become the fourth in the world of an adjustable investment product, tied to bitcoin. At the beginning of the year, three similar traded exchange funds on BTC were launched in Canada.

QBTC11 will track the dynamics of the CME CF Bitcoin Reference Rate index from the Chicago Modern Exchange (CME Group) and price guidelines of the CF Benchmarks cryptocurrency index supplier. The management of QR Capital considers, that the launch of QBTC11 will be an incentive for the United States to launch a similar investment product, Since CVM is a member of the International Organization of Securities Commissions (Iosco).

Over the past few years, the US Securities and Exchange Commission (SEC) many applications for the launch of ETF on Bitcoin were submitted. However, the regulator rejects them on the basis, that the cryptocurrency market is excessively subject to manipulation. The department has repeatedly denied the brothers Cameron and Tyler Winklvossi in creating ETF, tied to bitcoin.

Despite the growth of the popularity of cryptocurrencies in Brazil, Local regulators enhance control over the digital assets industry. Earlier, the country's tax service has ordered citizens to report all transactions with cryptocurrencies. This led to a decrease in trading volumes on some exchanges. These included the Brazilian platforms of Acesso Bitcoin and Latoex, who were forced to close due to toughened regulation.