Brazil’s SEC is the second globally to authorise Bitcoin ETF.

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The Securities and Exchange Commission of Brazil, or CVM, authorised the first Bitcoin exchange-traded fund (ETF) in Latin America today. The fund in question was founded by asset manager QR Capital and will trade on the Sao Paulo-based B3 stock exchange under the ticker QBTC11. This regulatory approval also marks the second time a Bitcoin ETF will be listed on a conventional exchange.

The QR team claims that this listing would secure crypto investors by supplying them with much more legal certainty to obtain exposure to Bitcoin “in the most professional way possible.” QR Capital’s CEO, Fernando Carvalho, shared a similar sentiment last year. He encouraged regulatory approvals by saying:

“Unlike what happened in 2017, when thousands of investors bought cryptocurrencies on their own, we believe that in the next upward cycles, regulated funds will be the main investment channel, providing safe and regulated access to the sector.”

The QR team emphasised that the fund was the “fourth in the world” to be approved; three of these ETFs were previously launched in Canada this year. They also disclosed that the acceptance of CVM would only hasten the arrival of a related device in the United States.

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However, the US Securities and Exchange Commission has yet to completely sanction Bitcoin ETFs, only recently acknowledging New York-based fund manager VanEck’s filing for a $5 trillion ETF. The agency’s failure to authorise these ETFs attracted fire from SEC Commissioner Hester Pierce, who acknowledged that the SEC had dug itself a “little bit of a hole.”

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