The first Bitcoin fund has received approval

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The Guernsey Financial Services Commission (GFSC) has approved the launch of a centrally cleared bitcoin exchange-traded fund (ETF) for Jacobi Asset Management. Guernsey is a small island in the Channel Islands.

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The SEC does not rush to the final approval of the fund. Cryptocurrency regulators are already appearing today, which are more loyal than the SEC.

The World's Only First-level Bitcoin ETF

According to the official announcement, the Jacobi Bitcoin ETF fund will be included in the CBOE (Chicago Board Options Exchange) list of Europe, subject to approval by the Financial Conduct Authority (FCA).

CEO Jamie Khurshid, said that a product will be released soon that will be able to track the performance of bitcoin.

«We reduce the risk of investing in cryptography by eliminating the technological risk associated with a physical asset and the counterparty risk associated with traditional funds or tracking products, which are unregulated debt instruments with borrowed funds», — he said.

Direct participation in investing

According to Roy McGregor, chairman of Jacobi Asset Management and former CEO of Credit Suisse, the purpose of this ETF was «finally fully incorporate digital assets into the core investment infrastructure with the support of the leading firms we work with».

«This will provide investors with the opportunity to directly participate in a physically settled bitcoin», — he said.

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The head of Fidelity Digital Assets in Europe, Chris Tyler, said that «The greater diversity of investor interests has created a significant demand for additional exposure funds to help provide greater access to digital asset markets.».

All the markets and exchanges of cryptocurrencies are talking about the upcoming announcement of the United States regarding the crypto-ETF. All the infopods are only about ETFs and soon the SEC should make a decision, which apparently should be positive. More recently, crypto lender BlockFi Inc and Ark investment management Katie Wood have placed their names in applications for bitcoin ETFs supported by futures.

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