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    Canadian Regulator Green Lights 3iQ's Bitcoin Fund; Will The US Approve a BTC ETF?

    Even though 3iQ's 'The Bitcoin Fund' isn't the same as a BTC ETF, it's a step in the right direction. Hopefully, the US SEC will follow suit and approve one in the near future.

    Canadian based investment firm, 3iQ, is set to launch a Bitcoin fund after approval by Ontario Securities Commission (OSC). The Bitcoin fund is closed-ended and will soon trade within Canada’s financial markets through the Ontario Stock Exchange.

    The move is set to be finalized within the remaining part of Q4 in 2019. 3iQ’s CEO, Fred Pye, said that they had been working with the OSC in the past three years to get this far;

    Mr. Pye added that they have addressed audit, custodial and pricing issues which may have been a concern to clientele and regulators. The firm’s proposal had been rejected in February 2019 which sent them back to the drawing board. However, the OSC director will now issue a final receipt to allow 3iQ refile its prospectus.

    Gemini to Offer Custodial Services

    New York-based digital asset exchange, Gemini, is among the 3iQ’s partners in the Bitcoin fund project. The exchange will act as an appointed custodian for the BTC funds held by 3iQ on behalf of its investors. Gemini’s experience within the crypto space is a big plus given they have been operational for the past five years.

    3iQ will also work with VanEck, an asset manager, whose Bitcoin and other crypto benchmarks are regulated. The asset manager had earlier applied to launch an Exchange Traded fund but withdrew its request at the beginning of 2019.

    Given the current atmosphere in Canada’s crypto space, 3iQ might leverage the opportunity to its advantage. Canada’s Central Bank is currently looking at the viability of launching its own token to counter the threat by existing digital assets.

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    Lujan Odera
    Lujan Odera
    Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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