Bitcoin Fund Approved, Canadians can now Invest via Retirement & Tax-free Savings Accounts

SEC is still working things out while Canada has already done it by approving the first and only regulated bitcoin trust fund the status of a Mutual fund that enables accredited investors to make an investment in Bitcoin through their retirement savings plan and tax-free savings accounts among others.

Canada’s first & only regulated Bitcoin fund granted mutual fund status
Canada has left the SEC behind as it approves a Bitcoin Fund and granted it with the mutual fund trust status. According to the official announcement by the First Block Capital Inc., the FBC Bitcoin Trust has become the first and only regulated Bitcoin Trust eligible for accredited investors.

This allows the unit holders to put their units in a self-directed registered account like a tax-free savings account (TFSA) and registered retirement savings plan (RRSP). This trust is available for purchase on NEO Connect under the FBCBT ticker.

In the same manner, as the ETFs are bought and sold FBC Bitcoin Trust is purchased and redeemed by NEO Connect. The platform has removed the 30-day redemption clause and now enables daily settlements.

Sean Clark, the co-founder, and CEO of First Block Capital which is actually the first dedicated and fully registered crypto and blockchain investment company with PM, EMD, and IFM licenses said:

“Since inception, First Block Capital has been committed to providing investors with regulated, titled and auditable exposure to investment vehicles based on blockchain and cryptocurrency. Our team is extremely proud to maintain our market-leading position and will continue to execute our vision of creating a fleet of investible products dedicated to space.”

Also, read: Winklevoss’s NYDFS Licensed Stable Coin “Gemini Dollar” may Pull Strings on Notorious Tether

Making it easy for accredited investors to invest
As per this trust, the qualified investors are allowed the exposure to the Bitcoin but without having to actually acquire, store, and manage the underlying Bitcoin.