One of the ongoing struggles within the crypto industry is trying to provide certain crypto-related security offerings to investors, particularly an exchange-traded fund tied to bitcoin which has been applied for by dozens of companies, all of whom eventually were rejected or withdrew the application from the Securities and Exchange Commission. Regardless of the challenges surrounding the bitcoin ETF project, several types of crypto offerings have been getting approved within the market such as ETFs that have gone live on exchanges outside the United States and other types of offerings.
One of the latest of these is 3iQ, who recently got approved by Canadian regulators for a regulated publicly traded bitcoin fund.
This development was announced on October 30, 2019 when 3iQ stated that they had received a positive response from Ontario Securities Commission (OSC) and expect that their bitcoin fund will be available on major Canadian markets by the end of this year.
The company had initially had their request denied in February 2019 but eventually saw a positive response from the OCS and now, the Toronto-based firm expects to launch its product in the near future.
“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,” their CEO says.
It was also stated that the funds will be eligible to be purchased by consumers through retail on discount brokers and will also be eligible for a tax-free savings accounts and retirement funds within Canada. As for the custodianship of the bitcoin itself, that will be done by Gemini, which was founded by Tyler and Cameron Winklevoss back in 2014.
Canada is also one of the countries that are looking towards potentially launching their own cryptocurrency as a bank of Canada is reportedly looking into a national digital token and they feel that it could be the answer to some of the issues that surround cryptocurrencies as a whole and would benefit the general public.