The Middle East is Set to Redefine Cryptocurrency Milestones with Bitcoin ETP Listing on NASDAQ Dubai
A physical Bitcoin (BTC) ETP is set for debut in Dubai. This unprecedented move aims to attract investors and further boost the Middle East’s keenness and receptiveness of cryptocurrency and other related products.
What are the Details of the Listing?
Cryptocurrencies are traditionally known for their digitalized and intangible nature, hence their widespread appeal. However, 21Shares, a renowned worldwide dealer in cryptocurrency, is set to break existing boundaries by introducing a physical Bitcoin Exchange Trading Product (Bitcoin ETP). The firm announced its inception of international financial trading using Bitcoin on NASDAQ Dubai.
ABTC, 21shares Bitcoin ETP trade name, is now the first physically available Bitcoin exchange trading product in the Middle East. This move by 21Shares is detailed and intentional as the company believes that cryptocurrencies are fast becoming the asset of future investors globally. This was rightly stated by Sherif El-Haddad, 21Shares head of Middle East branch. The physical nature of the product implies that it has been fully collateralized by crypto assets and deposited in an offline wallet. Retail and institutions of investments can access the ETP. There are also provisions for access through banks or brokerages. 21Shares currently has 46 listed products across seven countries.
The news of the 21Shares listing comes after Sheikh Mohammed bin Rashid, the Vice-president of Dubai, signed the Virtual Assets Law No.4 into law to establish, among other things, the Dubai Virtual Assets Authority for granting licenses to exchanges set to operate within the country.
Likely Results of Bitcoin ETP Listing in the Middle East
21 shares have a record of success in Germany and Switzerland, and the company is looking to harness the crypto-friendly nature of the UAE to spur the continued development of its product. Lately, the Middle East has become a crypto hub for companies and exchanges, which has significantly boosted the country’s overall economic growth. 21Shares is banking on the Middle East’s interest in cryptocurrency to achieve an expansion of its shares. This goal remains vital as other countries have begun imposing high taxes on cryptocurrency earnings.
The establishment of the Bitcoin ETP is also a forebearer of the development to come. Already, the country is benefiting tremendously in terms of employment growth and economic development from its decision to be cryptocurrency-liberal. Hany Rashwan, the CEO of 21Shares, has promised that the company will continue to offer its support to the Middle East’s ambitions to become a global crypto hub.
More importantly, the Middle East can now rest assured that with the inception of the Bitcoin ETP, the region is sure to have the utmost access to safe and secure cryptocurrency-backed products with new and exciting asset classes.
Conclusion
It is impossible to overstress the cryptocurrency milestone that the Middle East has achieved with the inception of the Bitcoin ETP. Undoubtedly, countries in the UAE will be sure to harness the opportunities inherent in the exchange of trading products. One only has to step back to watch the dividends of these opportunities unravel in the coming years.
Last Updated on 11 months by News Editor
