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The Israel Securities Authority has given the green light to launch six bitcoin funds, with their debut set for December 31.

The regulator expects that all six ETFs — Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav, and IBI — will start operating simultaneously. This is one of the mandatory conditions that the agency has imposed on the fund issuers.

According to local media reports, the companies issuing the bitcoin-based ETFs will charge an asset management fee ranging from 0.25% to 1.5%.

The decision to launch funds that will track the value of the flagship asset came as a "request from the Israeli crypto community." Applications to open bitcoin-based investment products began arriving at the Israel Securities Authority in June of this year.