The world’s first Bitcoin ETF is set to launch on the Bermuda Stock Exchange. 

Brazilian fund manager Hashdex has partnered with US stock exchange company Nasdaq to launch the world’s first crypto asset exchange-traded fund (ETF) on the Bermuda Stock Exchange (BSX). 

The ‘Hashdex Nasdaq Crypto Index’ was approved by the BSX on 18 September, with 3 million Class E shares now planned to be issued on the platform. The new fund will replicate the Crypto Nasdaq Index, which was also developed by Hasdex and Nasdaq. 

According to Brazilian media outlet InfoMoney, the new fund is slated to be live before the end of 2020. 

Hashdex now manages around $46.4M in assets across four funds, with the company using Vo1t, XAPO, and Kingdom Trust for institutional grade custody. 

There have been several failed attempts to get SEC approval to launch ETF’s in the United States, including by the Cameron brothers and Tyler Winklevoss, and by investment bank Wilshire Phoenix and NYSE broker Arca.

However, Bermuda, a British Overseas Territory located in the North Atlantic Ocean, has been working hard to make itself a crypto friendly jurisdiction – hence the decision to launch the ETF on the BSX. 

In October 2019 the government of Bermuda even announced it would accept Circle’s USD Coin (USDC) stablecoin for tax payments. 

AYO.NEWS says:

Bermuda looks determined to be one of the new generation of crypto friendly hubs – which makes a lot of sense for tiny jurisdictions looking to diversify their economies. 

Of course, like it’s even smaller cousin Gibraltar, Bermuda has the advantage of being able to make its own financial regulations, while still benefiting from the stability and reputation of being a British territory… unlike some other (formerly British) hubs like Malta and the Seychelles, which are facing certain “reputational headwinds.” 

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