3iQ, a Canadian investment fund manager, has announced that it has received full approval from regulators, to offer a publicly-traded Bitcoin (BTC) fund to investors in Canada. According to a press release from the investment fund company, the Ontario Securities Commission (OSC) has ruled in favour of the fund, giving 3iQ the authority to proceed with the offering.
Before now, 3iQ had applied for approval but was rejected. In February after the application was denied, 3iQ decided to file an appeal, and has now been allowed by the OSC, to launch.
3iQ CEO Fred Pye, has said that the company has been working on giving investors the opportunity to take advantage of a Bitcoin fund for a long time, emphasizing that the Fund was created with guidance from the OSC.
“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.”
Crypto exchange and trust firm Gemini Trust Company LLC, is on board with 3iQ, to serve as the custodian for the Fund’s Bitcoin. Gemini President Cameron Winklevoss has spoken on behalf of the firm, describing 3iQ’s offering as an “innovative fund” and promising to hold the assets in a “safe and compliant manner.”
The announcement further mentions that the Fund will be active before this quarter is over and that at a later time, the offering will be syndicated.
A few months ago, an Ontario town approved blockchain voting.
Image Credits: Pixabay