Brazil regulators approve Ethereum ETF
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Brazil regulators approve Ethereum ETF

Saudu Clement
Saudu Clement

Months after approving the first Bitcoin ETF in Latin America, Brazil’s Securities Commission (CVM) has given a nod to the region’s first Ethereum ETF.

The said ETF will be managed by QR Asset Management, under the QETH11 ticker. The Security Commission announced via Twitter that:

Expanding the horizon of diversification, QETH11 becomes a simple, safe and regulated option for any investor to gain direct exposure to Ethereum through their preferred brokerage.

The said ETF will employ Gemini’s “secure institutional custody” and will track the CME CF Ether Reference Rate. Furthermore, it will be administered by trust service provider Vortx.

The CVM’s latest decision points to Brazil’s seemingly forward-thinking policies concerning cryptocurrency adoption.

In addition to approving QR Capital’s Bitcoin and Ethereum funds, the country has also approved similar products from Hashdex, another management firm.

Apart from Brazil, Canada has also taken center stage in its pro-crypto stance. Three Ethereum ETFs have been approved by Canadian officials this year. Meanwhile, no crypto ETF has been approved by the U.S. Securities and Exchange Commission. Instead, the financial watchdog has continued to postpone such applications in its jurisdiction.