First Bitcoin fund in Canada gets regulatory approval
- Canada's leading investment fund manager, 3iQ Corp, received regulatory approval from OSC (Ontario Securities Commission).
- This is the country's first regulated Bitcoin fund.
- The Bitcoin Fund trading is expected to start before the end of 2019.
The cryptocurrency community in Canada has just made a major step in the right direction with the approval of its first Bitcoin fund. The country’s regulator, Ontario Securities Commission, has decided to allow the country’s leading investment fund manager, 3iQ Corp, to start a Bitcoin Fund and offer tradable assets on its major local stock exchange.
The fund manager’s Chairman, Howard Atkinson, commented on the new development by saying that the company is looking forward to offering the new asset class to Canada’s retail investors. The new asset will be offered within traditional and registered investment accounts, according to Atkinson.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
The new development is a major development for 3iQ Corp, but also for Canada, and Canadian crypto scene. The company has spent a lot of time focusing its efforts on bringing Bitcoin to the market in Canada. In fact, the company has been working on it for the last three years.
In a landmark victory for Canadian fintech and capital markets, 3iQ has been given the green light by the Ontario Securities Commission to file a prospectus and apply to list “The Bitcoin Fund” on a Canadian stock exchange.https://t.co/vMXmeEsig6
— 3iQ Digital Asset Management (@3iq_corp) October 30, 2019
Of course, the firm did not work on making this goal a reality alone. To achieve it, it partnered up with some well-known names in crypto and traditional finance industries, including Gemini Trust Company, as well as VanEck. Gemini Trust Company actually plays a large role, as it was tasked with providing the fund’s custody services.
VanEck’s CEO, Jan van Eck, commented on the new development as well. He stated that the company was pleased to collaborate with 3iQ so closely on the development of the index. However, the company was also glad to work with Canadian regulators and address any concerns that they have had in regard to bringing the new asset to the market.
Furthermore, VanEck also praised the persistence and determination of 3iQ’s officials. Now that the Bitcoin Fund was finally approved, 3iQ’s next step would be syndicating the offering. There is still work to be done, as the asset should be listed on the stock exchange, and trading is expected to start later in Q4 2019.