Bitcoin investment available by the end of the year to retail investors
Canadian investment fund manager 3iQ can now sell a limited, publicly-traded Bitcoin (BTC) fund to Canadian retail investors. 3iQ declared in a press release of Oct. 30 that it had earned a favorable ruling from the Ontario Securities Commission (OSC) about its closed-end Bitcoin fund, which is expected to be available by the end of the year on a major Canadian stock exchange.
3iQ CEO Fred Pye said over the past three years, we have been working diligently with OSC’s Investment Funds and Structured Products Branch to create an investment fund that we hope will enable retail investors to benefit from investing in Bitcoin through a regulated, listed fund.
Pye, who previously worked at Fidelity Investments Canada as senior vice president, told the Financial Post that retail investors will be able to buy and sell the Bitcoin fund via conventional and discount brokers. Canadian approved retirement savings plans and tax-free savings accounts will also be responsible for the investments. Gemini, the New York-based cryptocurrency exchange and custodian founded by Cameron and Tyler Winklevoss twin brothers in 2014, will serve as custodian of the Bitcoins fund.
Canada is investigating the digital currency
It is reported that the Bank of Canada is exploring potential opportunities and challenges related to the launch of its own digital currency. The central bank allegedly claims that the solution to the direct threat that cryptocurrencies tend to pose could be a public central bank digital currency.
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