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The Regulator Already Approved The Launch Of A Bitcoin ETF, While US Regulators Still Hesitate

Ethereum’s community may see a fresh wave of adoption as Brazil’s securities exchange regulator, or CVM, approved the launch of the first-ever Ethereum ETF in Latin America.

The biggest digital asset manager in Latin America, QR Capital, announced the news on Twitter, adding that the QETH11 exchange-traded fund would be managed by its Asset Management parent company.

"CVM approves the 1st Etf of Ethereum in Latin America, the QETH11. The ETF of QR Asset Management, manager of the QR Capital group, will be listed on B3, which becomes the first stock exchange in Latin America to have a 100% Ethereum ETF,” QR Capital announced.

The Ethereum ETF will be listed on Brazil’s B3 stock exchange, under the ticker QETH11. Moreover, it will follow the CME CF Ether Reference Rate, as used by the CME Group. QETH11 joins QBTC11 the first Bitcoin ETF of the Brazilian Stock Exchange.

“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.” QR Asset Management explained.

Meanwhile, QR Capital’s first Ethereum ETF would incorporate “secure institutional custody” supplied by the U.S-based Gemini crypto exchange.

The approval of QETH11 means Brazilian investors can now directly participate in Ethereum trading without actually owning Ethereum tokens. Furthermore, ETFs are regulated by local laws.

"The Brazilian investor now has the possibility of exposure to the two largest and most valuable digital assets in the world, in a regulated, simple, and safe way. It is no longer necessary to register on exchanges, create private keys or worry about safe custody”, QR Asset Management added.

However, Ethereum continued on its downwards projection, even with the announcement. The second-largest crypto to date submerged under $2,000 with little to no resistance whatsoever. Looking at the weekly price statistics, Ethereum’s downfall is severe – the altcoin leader lost 18% of its price from a week ago.

Meanwhile, the rest of the crypto market is in the same situation, as Bitcoin is struggling to keep its daily price at around $32,400 after losing seven percent in a week. Binance Coin lost 10% weekly, while the rest of the sector is almost all in the double-digit losses area. DeFi tokens seem to be suffering the most, as Polkadot crashed 20% weekly, while Uniswap’s governance token erased a quarter of its price in just a week.

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