Leading to a new milestone for Cryptocurrencies, the Brazlilian Stock Exchange (B#) has approved the first crypto ETFS in Latin America.
Two cryoptocurrency ETFs were this week approved by the Brazilian Securities and Exchange Commission or CVM. The ETfs comprises of a single hundred percent bitcoin and in addition to Bitcoin, there are other composed of five cryptocurrencies.
The manager of the single Bitcoin ETF, for the purposes of QR Asset Management in the United States, the product could accelerate the launch of a similar product and since the CVM, as well as the Securities and Exchange Commission, or SEC, are part of the International Organization of Securities Commissions, or IOSCO.
On the Brazilian stock exchange or B3, both ETFs will be traded. Two of the Brazilians main banks BTG Pactual and Itau have started to give Hashdex’s ETF to their customers as stated by the Brazilian Journal.
The Ticker QBTC11 will trade alongside with QR ETF and Hashdex will have HASH11 as its ticker. QBTC11 is expected to start in Q2 2021, while ETF HASH11 trading is expected to begin this month.
The Chicagi Commodities Exchange, will be the index to be used in calculating the price of Bitcoin as it regards to QR ETF.