Brazil is finally taking a cue from Canadian regulators. The country’s officials have approved the first bitcoin exchange-traded fund (ETF) in Latin America.
According to an announcement from QR Capital on Friday, the Bitcoin ETF was launched by QR Asset Management, the largest crypto asset manager in Latin America. The product is expected to go live on Brazil’s main stock exchange B3, having received approval from CVM, the Securities and Exchange Commission of Brazil.
Although the listing date is yet to be revealed, Reuters reports that it will happen in June.
That being said, the ETF (QBTC11) will track the performance of the BTC futures contracts operated by CME.
Following the approval of QBTC11, there are now four Bitcoin ETFs in the Western Hemisphere. As reported by BTC PEERS, Canadian regulators have set the pace by approving three Bitcoin ETFs in the past few months.
According to QR Capital, the launch of the product will allow locals to easily gain exposure to Bitcoin without having to worry about storing the digital asset. Furthermore, the firm opines that the approval could fast-track the approval of a Bitcoin ETF in the U.S.
Speaking of the U.S., there are currently four Bitcoin ETFs waiting for a nod from the SEC, including VanEck’s pending application, which was recently acknowledged by the Commission.