Amidst reports that the US SEC has once again gone against a crypto-exchange product, another Bitcoin Fund is thriving in Canada.
First Block Capital revealed in a press release that a Bitcoin Trust Fund which it offers to investors had attained a “mutual fund trust status.”
This means that accredited investors can now transfer units of the fund into a self-directed registered account such as RRSP (Registered Retirement Savings Plan) and TFSA (Task Free Saving Account).
Also, just as is the case with other ETFs, investment advisors can now freely purchase and redeem the funds on behalf of their accredited clients. A daily settlement feature is also being added to the fund, a significant improvement on the previous 30-day redemption clause.
It is largely expected that these new improvements will increase the number of people who gain exposure to bitcoin without actually buying the currency. There is also a chance that more institutional investors are drawn into the industry since the Bitcoin Fund is approved by the British Columbia Securities Commission and the Ontario Securities Commission.
Bitcoin Investments Will Spike In Canada
According to the official report, Bitcoin Trust Fund attained the status of a “mutual fund trust” having exceeded 150 unitholders within one year of launching. Holders of TFSA and RRSP accounts enjoy free tax benefits, and this is an added incentive for such people to consider investment in Bitcoin.
Speaking about the landmark moment, Sean Clark, Co-Founder and CEO of First Block said his firm remains committed to “providing investors with regulated, titled and auditable exposure to investment vehicles based on blockchain and cryptocurrency.”
Bitcoin Trust Fund is supported on NEO connect using the ticker FBCBT. The trading platform which brings traders, investors, and advisors together is becoming more popular for adding support for crypto trading.
Bitcoin investments in Canada have now taken a positive turn and represent good news at a time when the US SEC has continued to reject anything looking like a Bitcoin ETF from hitting the regulated exchanges soon.
Does the new achievement place Canada as a world leader in regulated blockchain and cryptocurrency investment vehicles?