It appears that 2021 is the year for Bitcoin ETF approvals as yet another exchange-traded fund tracking the performance of the first-ever cryptocurrency will emerge – this time, in Brazil. The country’s Securities and Exchange Commission (CVM) has given its blessing to QR Capital’s application, and the QBTC11 product will go live on the Sao Paulo stock exchange.

Bitcoin ETF Approved in Brazil

Based in Rio de Janeiro, QR Capital describes itself as the “largest cryptocurrency asset manager” in Latin America. The company recently tried its hand with the growing trend of applying for a Bitcoin ETF and announced earlier today that Brazil’s watchdog had greenlighted it.

The Twitter post said that the exchange-traded fund will go live on the prominent Sao Paulo stock exchange – The B3 S.A. (B3) under the ticker QBTC11.

It will follow the performance of the BTC futures contracts traded and operated by the Chicago Mercantile Exchange (CME) and the CME CF Bitcoin Reference Rate.

QR Capital said that the launch of the first Bitcoin ETF in Latin America will enable locals to have more direct and easier exposure to the primary cryptocurrency without worrying about storing and managing the assets.

Interestingly, the company took the ball to the US, where the SEC has rejected all Bitcoin ETF applications so far. However, QR Capital believes that “the approval of the QBTC11 can speed up the launch of a similar product in the United States.”

Canada Leads the Way

The publication touched upon the recent approvals of Bitcoin ETFs in Canada. As previously reported by CryptoPotato, the Ontario Securities Commission (OSC) gave a nod of approval to BTCC – the BTC ETF product launched by Purpose Investments.

The initiative has enjoyed massive success in the first month after its release. Purpose Investments announced yesterday that its Bitcoin ETF had crossed $1 billion in assets under management precisely on its one-month anniversary. According to the company, this milestone emphasizes the “investor’s confidence in our innovation and demand for this burgeoning asset class.”

Shortly after Purpose, the securities regulator in the country approved another Bitcoin ETF. Galaxy Digital and CI Global Asset Management stand behind the CI Galaxy Bitcoin ETF (BTCX), which launched in earlier March on the Toronto Stock Exchange (TSX).