Bitcoin Fund Gets Approval Nod from Regulators in Canada

The first regulated Bitcoin fund available on traditional exchanges in North America will set off on Canadian soil.

Canada-based 3iQ Corp recently received a positive response from the Ontario Securities Commission (OSC) following the company’s efforts to list ‘The Bitcoin Fund’ on the country’s stock exchange.

Canada Bitcoin BTC

A Bitcoin Fund with Retail Access

In a blog post, the fund manager revealed that the OSC had ruled in favor of the company in a public hearing. According to 3IQ, OSC has advised the fund manager to issue a receipt for a final prospectus of The Bitcoin Fund, signaling the agency’s approval.

The Bitcoin Fund is a closed-ended fund and is expected to be listed on major Canadian stock exchanges by the end of 2019.

3iQ’s Bitcoin Fund will provide retail investors exposure to the largest cryptoasset. As per the laws in Ontario, the fund has been deemed to be a non-redeemable investment fund (NRIF).

According to Fred Pye, CEO of 3iQ, investors will be able to buy and sell the Bitcoin fund through traditional and discount brokers. In addition to that, the investments will also be eligible for Canadian registered retirement savings plans and tax-free savings accounts.

“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,” said Pye, CEO of 3iQ.

Improved Solutions Make Way for Approval

This is an important milestone for 3iQ as the company has been pursuing the approval of a Bitcoin fund for some time. At the start of the year, the OSC had rejected 3iQ’s proposal, citing…

Source Link