Cryptocurrency, Brazilian

The Brazilian Securities Commission has approved the Ether ETF

According to an announcement by QR Capital, the holding company of QR Asset Management, the Brazilian securities regulator, the Comisso de Valores Mobiliários (CVM), has approved an Ether (ETH) exchange-traded fund (ETF).

The fund, which will trade under the ticker QETH11, will be listed on the B3 stock exchange in Brazil. Which is a regional exchange that serves customers all over the world. The Winklevoss twins’ Gemini will provide institutional custodial services for QETH11. Which will use the same Ether index as CME Group.

The fund’s issuer describes the offering as “a simple, safe, and regulated option for any investor to gain direct exposure to Ethereum. Through their preferred brokerage, without worrying about registrations in exchanges, wallets, or private keys”. According to the announcement. In addition, QR Asset Management pledges to provide QETH11 investors with a high level of transparency and security by purchasing physical ETH for the product.

The CVM’s approval comes on the heels of two previous cryptocurrency ETF approvals in March. One of which 100 percent Bitcoin and the other of which included five cryptocurrencies in addition to Bitcoin (BTC). Both traded on B3, and QR Asset Management manages the Bitcoin-only product in the same way. In late June, it began trading under the ticker QBTC11.

In addition, The world’s first physically settled Bitcoin ETF approved by Canada’s Ontario Securities Commission a month prior, in February. Securities regulators elsewhere, particularly in the United States, are still delaying crypto ETF approvals despite high demand.