21Shares’ physical bitcoin exchange-traded product will list on the Nasdaq Dubai.

Crypto investment product firm 21Shares has launched a physical bitcoin exchange-traded-product (ETP) in the Middle East that is set to be listed on the Nasdaq Dubai.

21Shares has continued to expand globally, and its newly formed parent company recently raised $25 million at a $2 billion valuation. The firm now offers over 46 products listed across 12 exchanges in seven different countries.

“The UAE, and broader [Gulf Cooperation Council], is a market of significant strategic importance to our business, and we are excited about the opportunity this market opens to us,” Sherif El-Haddad, who joined the firm in August as Middle East head, said in a statement.

Last year, Canadian digital-asset manager 3iQ’s bitcoin exchange-traded fund (ETF) began trading on Nasdaq Dubai. At the time, 3iQ’s ETF was the first cryptocurrency fund to start trading in the Middle East.

Dubai has major plans for its digital economy. Its Dubai Metaverse Strategy, which launched recently, aims to attract more than 1,000 blockchain and metaverse companies to the city as well as support more than 40,000 virtual jobs by 2030.

Last month, crypto exchange Binance secured a license from Dubai’s Virtual Asset Regulatory Authority to offer a range of crypto-related services in the city.

The post Crypto Investment Product Firm 21Shares Launches Bitcoin ETP in Middle East appeared first on Crypto Insider.

It’s the second approval this week in that region for the crypto exchange.

Binance, the world’s largest crypto exchange by trading volume, has obtained a license to operate in Dubai as a virtual asset service provider.

“Binance is appreciative of being awarded this license in such a progressive regime, targeting uncompromised governance and market security,” said founder and CEO Changpeng Zhao.

Earlier this month, Dubai’s ruler announced the creation of a regulatory and licensing authority as the emirate looks to become a major global player in the digital asset industry. Bloomberg one week ago reported Binance as nearing approval there.

Under the initial regulatory phase of having a Virtual Asset License, Binance will be able to offer limited exchange products and services to pre-qualified investors and professional financial service providers. Regulators will closely monitor operations with an eye towards eventually opening access to the retail market.

It’s the second operating license for Binance in the Middle East, the company earlier this week having announced a similar award from the Central Bank of Bahrain.

The post Binance Middle East Progress Continues With Operating License in Dubai appeared first on Crypto Insider.