Brazilian Securities Commission approves first Ethereum ETF to operate in Latin America

Finally The Brazilian Securities Commission (CVM) gives permission to operate the first Ethereum ETF. It is the second ETF approval after the Bitcoin ETF, which was approved in March 2021.

According to a report by a local media infomoney, The Brazilian Securities Commission ( CVM) passed the approval request to operate Ethereum ETF in Latin America. 

Ethereum ETF’s all activities (up & down progress) will remain in public domain and it will have the ticker QETH11 which will appear on B3,country’s stock exchange. QETH11 will follow CME CF Ethereum rate reference. 

The management of the fund for Ethereum ETF is under the responsibility of QR Asset Management.

QR Asset Management company shared their point of view on this project and said

“Expanding the horizon of diversification, QETH11 becomes a simple, safe, and regulated option for any investor to gain direct exposure to Ethereum through their preferred brokerage.”

So with their announcement, they tried to claim all the people that they will give better, simple, safe and regulated security with their broker bridge.

QR Asset Management Company emphasized on the point that they will try their best to provide security for users’ funds. For this they will use “secure institutional custody” which is under the US exchange Gemini. 

After this approval of the ETF by CVM, there are two ETF in Brazil. Canada is at the top with three Bitcoins which got approval at the beginning of this year. 

Whereas, most expected ETF fund managers entered was expected in U.S but there is no ETFs because U.S’s SEC rejected approval request to operate Bitcoin ETF many times. The recent attempt for Bitcoin ETF is requested by VanEck and SkyBridge Capital which under investigation lets see what will be result by SEC’s end.

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