Firouzeh Financial Group and cryptocurrency exchange platform Nobitex announced a joint collaboration to establish the first Bitcoin exchange-traded fund (ETF) in Iran. A move in line with global trends that could be a turning point in the development of the cryptocurrency market and diversification of the Iranian stock exchange’s assets.
According to Ideaagency, the first Bitcoin exchange-traded fund in Iran will be established in collaboration with Firouzeh Financial Group, Firouzeh Development Portfolio Management, Firouzeh Digital Technology Development, and the Nobitex cryptocurrency exchange platform.
Initial consultations have begun to obtain legal permits for this ETF, and after the relevant guidelines are approved, the formal process of establishing the fund will begin.
Moving towards diversifying the assets of the Iranian Stock Exchange
Milad Memarian, CEO of Firouzeh Digital, considered the creation of this fund a step towards diversifying the assets of the Iranian Stock Exchange, similar to gold funds, and said that the goal of this cooperation is to develop the capital market and attract new investors from parallel markets such as cryptocurrency.
He also emphasized that this fund will provide the Iranian people with the opportunity to legally invest in Bitcoin, similar to what we see in some countries.
Fatemeh Sarkari, CEO of Firouzeh Development Investment Management, pointed to the company’s successful experience in managing investment funds and emphasized that the Bitcoin ETF, in compliance with legal requirements, will create new horizons for the country’s asset management industry and provide a special opportunity to benefit from the potential of the digital economy.
Bitcoin ETFs: One of the most important events of 2024
Vahid Shamekhi, Vice President of Business Development at Nobitex, believes that one of the most important events of 2024 was the creation of Bitcoin exchange-traded funds and the acceptance of them by major organizations and companies around the world. He pointed out that Nobitex has always sought to create principled and legal solutions for the development of this industry in our country, and considered cooperation with the country’s existing financial institutions as a promise of positive developments in Iran’s crypto industry. Shamekhi expressed hope that we will witness new developments in this direction next year.
Hadis Khosravi, Director of Communications and PR at Nobitex, stated that the establishment of this fund will provide the opportunity to invest safely in Bitcoin without the need to directly own this digital currency. As a result, users can also enter the new world of crypto through the stock exchange and become part of it.
It is worth noting that the Bitcoin Spot ETF is a new investment tool that allows investors to invest in Bitcoin without having to directly purchase and hold this digital asset. This investment model has been widely accepted in global markets in recent years. The launch of this fund in Iran will be a bridge between traditional financial markets and the digital economy and can connect stock market investors to new opportunities in this field.
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