The Gibraltar Stock Exchange has listed a Canadian Bitcoin exchange-traded fund (ETF) aimed at institutional investors in the European region, as per a release shared with the BTC Times.
Called “The Bitcoin Fund,” the tradeable product had previously been approved by the Ontario Securities Commission and is currently traded on the Toronto Stock Exchange. “It is one of the world’s first regulated and exchange-traded bitcoin funds on a European regulated exchange,” said 3iQ, a Canadian investment fund manager and the issuer of The Bitcoin Fund.
Using an ETF for the purpose of Bitcoin investments allows investors to seek upside and hedge their money against the fears of rising inflation in the global economy. Using ETFs instead of spot Bitcoin also eliminates the need to acquire hardware wallets to hold the cryptocurrency.
Fred Pye, the CEO of 3iQ, said that sovereign wealth funds, pension funds, and the “many reputable financial institutions” who are currently restricted to buying licensed, regulated, crypto-based ETFs can now access the Bitcoin product in a seamless and trusted manner.
“Being listed on the Gibraltar Stock Exchange extends the reach of The Bitcoin Fund within the burgeoning European digital assets market, and continues the groundswell of momentum that has defined 3iQ’s exciting progress during the first half of 2020,” commented Pye on the fund’s listing in Europe.
US-based crypto platform Gemini will serve as the custodian of the Bitcoin held in the fund. Meanwhile, the ETF’s listing was overseen by Aaron Payas, partner at law firm Hassans, and his team, the release said.
Gibraltar has introduced various crypto regulations and aims to become a “crypto-friendly” nation in the coming years. Some of its laws - such as zero capital gains tax - already support Bitcoin and cryptocurrency investments and are aimed at attracting both capital and talent to the country.
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