Canadian investment fund manager 3iQ will now be able to offer Canadian retail investors a regulated, publicly-traded Bitcoin fund.
Bitcoin fund available to retail investors by end of yearIn an Oct. 30 press release, 3iQ announced that it had received a favorable ruling from the Ontario Securities Commission in regard to its closed-end Bitcoin fund, which is expected to be available on a major Canadian stock exchange by the end of the year.
In February, Canada's markets regulator ruled negatively on 3iQ's proposal to launch its regulated Bitcoin fund.
The Toronto-based 3iQ appealed the decision and ultimately won approval from the OCS to launch its BTC fund.
"Over the past three years, we have worked actively with the OSC's Investment Funds and Structured Products Branch to create an investment fund that we hope will allow retail investors the benefits of investing in Bitcoin through a regulated, listed fund."
Pye, who previously worked as senior VP at Fidelity Investments Canada, told the Financial Post that retail investors will be able to buy and sell the Bitcoin fund through traditional and discount brokers.
The investments will also be eligible for Canadian registered retirement savings plans and tax-free savings accounts.
Gemini, the New York-based cryptocurrency exchange and custodian founded in 2014 by twin brothers Cameron and Tyler Winklevoss, will act as custodian of the fund's Bitcoins.
Canada is exploring digital currencyThe Bank of Canada is reportedly exploring possible opportunities and challenges related to launching its own digital currency.
The central bank purportedly believes that a public central bank digital currency could be the answer to the direct threat that cryptocurrencies apparently present.
Canadian Markets Regulator Gives 3iQ Green Light to Offer Bitcoin Fund
gepubliceerd op Oct 30, 2019
by Cointele | gepubliceerd op Coinage
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