As the crypto community continues to await the SEC to approve a Bitcoin exchange-traded fund (ETF) in the United States, Brazil’s financial regulators have approved Latin American’s first bitcoin ETF.
Announcing the news on Twitter today, Brazil-based QR Capital said it has gotten regulatory approval from the Securities and Exchange Commission of Brazil (CVM) to launch its Bitcoin ETF on the B3 stock exchange.
According to the firm, the fund will launch under the ticker, QBTC11, and will adopt the popular CME CF Bitcoin Reference Rate, a highly regulated crypto benchmark administrator, which provides daily net assets value (NAV).
QR Capital noted in the announcement that the fund will give investors safe and convenient exposure to the world’s most popular cryptocurrency, Bitcoin.
Investors who are looking to invest in the asset class can search the fund on their favorite broker on the trillion-dollar B3 exchange, QR Capital noted.
Bitcoin ETF Approval On The Rise
With the launch of the QR Capital fund, there are now four regulated Bitcoin ETFs in the world.
While the QR Capital’s Bitcoin ETF is the first to go live in the Latin America region, the other three were launched in Canada, which is located in the same continent as the United States.
U.S. May Approve A Bitcoin ETF
For over a year, the U.S. SEC has consistently turned down applications filed by crypto firms to list a Bitcoin ETF in the country.
Several reasons have been attributed to the constant rejection of a Bitcoin ETF in the region, among which is the fact that BTC is unregulated and still in its early stage of development.
Also, the SEC does not understand how the funds will work and trade effectively if listed.
As a result, more than ten applications have been rejected, including Gemini’s and VanEck’s prospectus.
Interestingly, QR Capital noted that with all four Bitcoin ETFs approved in North and Latin America, it could make way for the launch of a similar product in the United States.
Earlier today, the U.S. SEC uploaded VanEck’s ETF proposal on its platform for deliberation and now has 45 days to approve or deny the request.
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