The Brazilian Securities Commission (CVM) has approved the first exchange-traded fund (ETF) in Latin America based on the first cryptocurrency.
URGENTE: CVM acaba de aprovar o primeiro ETF de Bitcoin da America Latina, o QBTC11.
About ETF da QR Asset Management, gestora do grupo QR Capital, será listado na B3, que se torna a segunda bolsa do mundo a ter um ETF 100% de Bitcoin.
– QR Capital (@qrcapital) March 19, 2021
The QBTC11 ETF of asset management company QR Asset Management will be listed on the B3 Stock Exchange in São Paulo.
Bitcoin ETF quotes from Evolve Funds Group will follow the dynamics of the CME CF Bitcoin Reference Rate index from the Chicago Mercantile Exchange (CME Group).
The firm is part of the QR Capital group. According to the information on the website, QR Asset Management manages cryptocurrency assets worth 423 million reais (~ $ 77 million) and serves more than 10,000 clients in Latin America.
QR Capital noted that the fund has become the fourth such regulated investment product based on bitcoin in the world – three of them have been launched in Canada since the beginning of this year. B3 will be the second stock exchange to offer such an instrument.
The company believes that the CVM solution could accelerate the approval of a Bitcoin ETF launch in the United States. Brazilian Office, likeSEC, is a member of the International Organization of Securities Commissions (IOSCO), which coordinates industry regulation.
The alliance also includes the Ontario Securities Commission (OSC), which registered exchange-traded funds based on the first cryptocurrency of Purpose Investments , Evolve Funds Group , as well as a joint product from CI Global Asset Management (CI GAM) and Galaxy Digital by Mike Novogratz .
Recall that the SEC has submitted proposals to launch a Bitcoin ETF from VanEck , Bitwise Asset Management , Valkyrie Digital Assets , NYDIG and WisdomTree .
At the time of this writing, the regulator has started to consider only the first of them.