The Brazilian Securities and Exchange Commission, or CVM, approved two cryptocurrency ETFs this week — one 100% Bitcoin and the other composed of five cryptocurrencies, in addition to Bitcoin (BTC).
For QR Asset Management, manager of the Bitcoin-only ETF, the product could accelerate the launch of a similar product in the United States, since the CVM, as well as the Securities and Exchange Commission, or SEC, are part of the International Organization of Securities Commissions, or IOSCO.
Both ETFs will be traded on the Brazil’s Stock Exchange, or B3. According to Brazil Journal, two of the country’s main banks, Itaú and BTG Pactual, have already stated to offer Hashdex’s ETF to their customers.
The QR ETF will trade on the B3 with the ticker QBTC11, while the one from Hashdex will have HASH11 as its ticker. ETF HASH11 trading is expected to start this month, while QBTC11 ETF is expected to begin in Q2 2021.
In the case of QR ETF, the index used to calculate the price of Bitcoin will be the Chicago Commodities Exchange.
Fernando Carvalho, CEO of QR Capital, holding company of QR Asset, sees this movement as an important milestone for innovation in theTitle: Brazilian Stock Exchange approves two new crypto ETFs in Latin America
Sourced From: cointelegraph.com/news/brazilian-stock-exchange-approves-two-new-crypto-etfs-in-latin-america
Published Date: Fri, 19 Mar 2021 22:01:00 +0000