Israel is making substantial progress in the cryptocurrency sector by implementing a new initiative that is designed to broaden the range of Bitcoin investment opportunities.
The Israel Securities Authority (ISA) has given its clearance to six investment vehicles that will monitor the variations in the price of Bitcoin. The public will be allowed to access these monies on December 31st, according to the plan.
Investors will be able to obtain exposure to Bitcoin via a variety of indices and strategies beginning on that day, in which case banks and financial companies will begin offering these funds to investors.
A number of the most prominent Israeli investment companies, including Migdal Capital Markets, Meitav, Ayalon, Phoenix Investment, More, and IBI, will be in charge of managing these funds. The management fees for the funds will range from 0.25% to 1.5% of the total value of the fund.
Some of the funds will follow exchange-traded funds (ETFs) that are headquartered in the United States, such as BlackRock’s iShares Bitcoin Trust ETF (IBIT), while others will concentrate on actively managed strategies that try to outperform the price swings of Bitcoin.
Bitcoin is now more accessible to Israeli investors thanks to a new effort that enables them to get access to the cryptocurrency using the country’s fiat currency.
Also Read: The SEC will implement a temporary reduction in the number of commissioners
