While the U.S. Securities and Exchange Commission continues to contemplate whether or not to approve a Bitcoin exchange-traded fund (ETF), Canada has taken the plunge. Canadian regulators have approved a regulated Bitcoin trust fund which allows investors to invest in Bitcoin through retirement and savings accounts.
Financial Post reports that the Ontario Securities Commission (OSC) and British Columbia Securities Commission (BCSC) have approved First Block Capital Inc. to launch a Bitcoin [coin_price] fund which will be classified as a mutual fund. Investors can now invest in Bitcoin through their registered retirement savings plan (RRSP) and tax-free savings account (TFSA) by making purchases through the NEO Connect platform under the FBCBT ticker.
Bitcoin Investment Simplified
The fund eases the process of investing in Bitcoin as investors do not have to deal with purchasing, storing, or managing Bitcoins. First Block co-founder and CIO Marc van der Chijs said,
Our goal is to make investments in the digital currency asset class more accessible and we are one step closer to achieving this goal by allowing unitholders to place units in government-sponsored tax efficient vehicles.
First Block Capital expects that FBC Bitcoin Trust investors will begin to move units shortly and at the moment the fund is only open to accredited investors.
Will Canada’s decision to approve a Bitcoin Mutual fund impact the U.S. Securities and Exchange Commission’s decision to approve or deny a Bitcoin-ETF? Share your thoughts in the comments below!
Images courtesy of Shutterstock.