Canadian Markets Regulator Gives 3iQ Green Light to Offer Bitcoin Fund

Canadian Markets Regulator Gives 3iQ Green Light to Offer Bitcoin Fund

Canadian investment fund manager 3iQ will now be able to offer Canadian retail investors a regulated, publicly-traded Bitcoin (BTC) fund.
fund available to retail investors by end of year
In an Oct. 30 press release, 3iQ announced that it had received a favorable ruling from the Ontario Securities Commission (OSC) in regard to its closed-end 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 fund. However, the Toronto-based 3iQ appealed the decision and ultimately won approval from the OCS to launch its BTC fund. 3iQ chief executive Fred Pye said:
“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 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 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 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 currency
The 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.

See also  Security Token Platform Receives Transfer Agent License From SEC

Leave a Reply

Your email address will not be published. Required fields are marked *

Want to automate your crypto Trading?
Try this new trading Robot!

Your information will be validated and you will be automatically redirected to the trading robot advanced dashboard.