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The world’s largest crypto exchange-traded merchandise agency 21Shares launches its first physically-backed Bitcoin ETP within the Middle East. The 21Shares Bitcoin ETP (ABTC) is efficiently listed on Nasdaq Dubai. It marks the ETP issuer’s first entry into the Middle East as crypto adoption grows within the area, especially the UAE.

21Shares Announces First Physically-Backed Bitcoin ETP in Dubai

In a press release on October 12, 21Shares publicizes the itemizing of the primary physically-backed Bitcoin ETP on Nasdaq Dubai. The 21Shares Bitcoin ETP will commerce in the identical manner because the 21Shares Bitcoin ETP in Europe. With the itemizing of the primary Bitcoin ETP within the Middle East, 21Shares now has 46 merchandise throughout 12 exchanges in 9 nations.

Hany Rashwan, CEO and co-founder of 21Shares, believes the growth into the UAE is a serious milestone as a result of large progress in crypto and blockchain adoption within the area. The firm’s crypto-backed merchandise permit regional traders to soundly and securely enter the crypto market.

“Our partners Nasdaq Dubai and Dubai Financial Market share our vision to provide investors with access to new and exciting asset classes. 21Shares will continue to support the Middle East’s ambitions to become a global crypto hub.”

The transfer adopted the latest appointment of Sherif El-Haddad as Head of Middle East at 21Shares. He asserts the Middle East, particularly the UAE, holds important strategic significance for the agency because the government-led crypto adoption picks tempo within the area.

Several crypto exchanges and firms expanded to the area after the establishment of the Virtual Assets Regulatory Authority (VARA) in March 2022. Major exchanges together with Binance, Coinbase, FTX, eToro, OKX, Kraken, and many others. have established places of work in UAE cities Dubai and Abu Dhabi.

The U.S. Still Seeks Its First Bitcoin ETP

While 21Shares and different ETP corporations proceed to difficulty Bitcoin exchange-traded merchandise the world over, U.S. crypto traders nonetheless search the primary Bitcoin spot ETP. Crypto consultants imagine the SEC accepting a Bitcoin spot ETF will drive large institutional adoption.

However, the SEC accepted Bitcoin futures ETFs, however not Bitcoin spot ETFs. The SEC cites fraud and market manipulation as causes for rejecting ETFs by WisdomTree and Grayscale. Meanwhile, Grayscale calls the SEC decision “discriminatory” because it seeks to transform its Bitcoin Trust (GBTC) right into a spot Bitcoin ETF.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his data about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency business for a considerable interval and is at the moment overlaying all the newest updates and developments within the crypto business.

The introduced content material might embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.