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Canada Approves First Block’s Bitcoin Trust Fund

Canada’s regulated Bitcoin fund has obtained the Mutual Fund Trust Status. That means that investors are now able to put their funds’ units in self-directed registered accounts. The information has been released through a press release this week.

Bitcoin Fund Authorized in Canada

Bitcoin Fund First Block Capital Inc. announced that investors are now able to invest in its FBC Bitcoin Trust. The product would only be available for accredited investors only. Users can now place their investments as Registered Retirement Savings Plan (RRSP) and another Tax-Free Savings Account (TFSA).

With this fund, investors can now deposit funds into these accounts that have special benefits. For example, they provide tax benefits for those that want to use the accounts for retirement and saving purposes.

In Canada, there are several accredited investors. For example, persons registered as adviser or dealer that own financial assets for over $1,000,000 before taxes. Another group is related to individuals that have a net income before taxes of $200,000 or $300,000 dollars.

The press release informs that the FBC Bitcoin Trust will be available for buying on NEO Connect. In this way, investment advisors would have the possibility to buy and redeem the fund on behalf of their clients. With it, accessibility to the cryptocurrency market would be enhanced.

Marc van der Chijs, co-founder and Chief Investment Officer of First Block, commented:

“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 unit holders to place units in government-sponsored tax efficient vehicles, and by providing daily liquidity through NEO Connect, a fund distribution platform with a rapidly growing dealer network.”

First Block Capital Inc. is a Canadian company registered in the country that works with virtual currency and blockchain technology. It holds IFM, EMD and PM licenses. The company invests in different cryptocurrency and blockchain opportunities. This provides investors exposure to emerging digital currencies and asset class that are based on blockchain tech.

 

Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

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