Brazilian Securities Commission approves Ether ETF E
Brazil’s Comissão de Valores Mobiliários (CVM), the country’s securities regulator, has, according to a. approved an Ether (ETH) Exchange Traded Fund (ETF) notification by QR Capital, the parent company of QR Asset Management.
The fund, which is traded under the ticker QETH11, is traded on the renowned Brazilian exchange B3, which acts as a regional exchange and serves customers worldwide. QETH11 will use the same ether index used by the CME Group and leverage Gemini’s institutional custody services of the Winklevoss twins.
In its announcement, the fund issuer promotes the product as “an easy, safe and regulated option for any investor to get in direct contact with Ethereum through their preferred broker. QR Asset Management buys physical ETH for the product and advocates a high level of transparency and security for QETH11 investors.
Related: New Bitcoin ETF Approved In Canada App
The news of CVM’s green light comes after two previous crypto ETF approvals in March this year, one of which is 100% Bitcoin and the other contains five cryptocurrencies in addition to Bitcoin (BTC). Both are also traded on B3, and the Bitcoin-only product is similarly managed by QR Asset Management. Trading under the token QBTC11 began at the end of June.
A month ago, in February, the Canadian Ontario Securities Commission gave the go-ahead for the world’s first Bitcoin ETF. Elsewhere, particularly in the United States, securities regulators are still delaying approving crypto ETFs despite continued demand.