The Brazilian Securities and Exchange Commission has just approved new ETFs in Latin America and made a new milestone for the market as we read more in our kripto haberleri bugün.

The CVM approved two cryptocurrency ETFs this week with the one being 100% Bitcoin and the other composed of five cryptocurrencies in addition to BTC. For QR asset management, the manager of the Bitcoin ETF, the product could speed up the launch of a similar product in the United States because the Brazilian Securities and Exchange Commission is a part of the International Organization of Securities Commissions.

Both ETFs will be traded on the Brazilian Stock Exchange and according to the reports by Brazil Journal, two of the country’s main banks already started offering the Hashdex ETF to their customers. The QR ETF will trade on B3 with the ticker QBTC11 while the other from Hashdex will have HASH11 as a ticker. For the latter, the trading is expected to start this month while the other one will likely begin in Q2 this year.

In the case of QR ETF, the index used to calculate the price of BTC will be the Chicago Commodities Exchange and as the CEO of QR Capital Fernando Carvalho said, the movement is quite important for innovation in the Brazilian market:

 "QBTC11 borsa kodu ile işlem görecek ETF'miz Brezilya pazarında bir kilometre taşıdır. Varlık, dijital bir emtia olduğu ve aynı zamanda dünya piyasasında dolar cinsinden işlem gördüğü için bir çifte hedge görevi görmeye başlar. Fiyatının diğer varlık sınıflarıyla ilgisi yok, bu da çeşitlendirilmiş portföylerdeki büyük yöneticiler ve yatırımcılar tarafından giderek daha fazla benimsendiği anlamına geliyor. "

Hashdex’s ETF will replicate the Nasdaq Crypto Index. Previously in 2020, the Brazilian Hashdex got approval from the Bermuda Regulator and together with the NASDAQ approve the first-ever Bitcoin ETF. Beyond Brazil, the only country to approve an ETF is Canada as we already reported a few times, with the country becoming an NFT friendly place. NCI consists of six cryptocurrencies including ETH, BTC, XLM, LTC, BCH, and LINK. The custody of Hashdex’s assets is made by a few companies like Gemini, Coinbase, BitGo, and Fidelity which are all regulated in the USA.

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Source: https://www.dcforecasts.com/altcoin-news/brazilian-securities-and-exchange-commission-approves-two-new-etfs/