It can be said that the first quarter of 2021 is one of the most beautiful periods of time that the crypto market has gone through due to the many positive changes that accelerate, from institutional turnout to legal regulation of the cryptocurrency arena and approval of the Bitcoin ETF.
After we included a previous article in Arab Bitcoin about the approval to list the exact first North American Bitcoin ETF in Canada:
The approval this time seems to have come from its Latin American neighbor.
The Securities and Exchange Commission of Brazil “CVM” has granted its approval to the request of the “QR Capital” company, whereby a product of a Bitcoin index trading fund under the name “QBTC11” will be launched on the São Paulo Stock Exchange.
Approval of the first Bitcoin ETF in Brazil:
The Rio de Janeiro-based company, QR Capital, describes itself as the largest cryptocurrency asset manager in Latin America.
The company recently tried “QR Capital”, applied for Bitcoin “ETF” and announced earlier yesterday that the Brazilian watchdog had given it the green light.
In a post on Twitter, the company told the company that the ETF will begin operating on the São Paulo Stock Exchange under the name “QBTC11”.
The Bitcoin ETF will track the performance of the Chicago Mercantile Exchange “CME” bitcoin futures and reference price.
“QR Capital” said the launch of the first Bitcoin ETF in Latin America will enable locals to get more direct and easier exposure to the underlying cryptocurrency without worrying about asset storage and management.
Interestingly, the company mentioned the USA and that it will likely announce that it will soon change its stance towards Bitcoin ETFs.
For your information, the US Securities and Exchange Commission has rejected all Bitcoin ETF requests so far.
However, “QR Capital” believes that the approval of “QBTC11” could accelerate the launch of a similar product in the United States of America, which already has many applications awaiting decision.