Canadian investment fund manager 3iQ got a green light from the Ontario Securities Commission to offer a publicly-traded Bitcoin fund.
Canadian investment fund manager 3iQ will now be able to offer Canadian retail investors a regulated, publicly-traded Bitcoin (BTC) fund.
Bitcoin 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 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. 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 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 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.
Source: , CoinTelegraph
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