Heads up digital currency fans: Europe now has a regulated product for cryptocurrency.
The Gibraltar Stock Exchange announced on Monday that it has added BitcoinETI, an asset-backed Exchange Traded Instrument that exclusively invested in bitcoin—making it the first European regulated product for digital currency.
The BitcoinETI was approved for listing on the GSX last July 22, the bourse said in a statement. It will also be co-listed on the Deutsche Boerse this week under the ticker “BTCETI.”
So what does this mean for the popular digital currency?
ETIs are defined as tradeable assets, such as exchange traded securities, that allow a simple and transparent participation in the performance of an underlying instrument—which, in this case, is the bitcoin.
“GSX is an EU regulated market which offers efficient and cost effective solutions for innovative companies and financial products,” said Nick Cowan, managing director of the Gibraltar Stock Exchange, in a statement.
Gibraltar-based iStructure PCC PLC will