3iQ it has received approval from the Ontario Securities Commission (“OSC”) for a bitcoin investment fund (eif). It is expected that the Canadian fund manager of the fund is to provide, on the Toronto Stock Exchange (TSX).
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The good news should be celebrated
The approval will be welcomed with shouts of joy, and stands in stark contrast to how, for example, is the American equivalent of the OSC, with the SEC, this kind of applications.
A regulated, listed Bitcoin fund is coming to the Toronto Stock Exchange ?
The milestones just keep coming this week!!!! ?
Pump ? (@APompliano) As Of October 30, 2019
3iQ, wrote on Wednesday that they will have a favorable ruling received from the OSC to the bitcoin fund, and they even had an acknowledgement of receipt for the final prospectus will be provided.
“We have issues such as pricing, storage and auditing, and the public interest in a regulated investment company is treated. We plan in the prospectus as soon as possible to complete, ” says CEO Fred Pye.
Be the first one in the world
The manager claimed that the fund is the first regulated large publicly traded bitcoin fund to all over the world. The downside is that other companies with similar products have been launched which are unregulated, or in smaller exchanges to stay.
In June, the Swiss-Amun, AG, a publicly-traded product. This product is based on the Bitwise 10 Select Large Cap-Crypto-Index on the Swiss SIX Exchange.
A lot of experience to the board
3iQ worked closely with a number of partners to the fund to get off the ground. So it was three years ago, with requests for advice from the OSC’s Investment Funds and Structured Products Branch. The index to which the fund is based on comes from VanEck, of the same party, which is an ETF, the United States attempted to launch it.
VanEck withdrew their application in to the SEC.
Also, crypto-exchange, While the Winklevos twins are wearing are a bit as well. The Gemini allows for the secure storage and retention of the respective cryptocurrency. Also, the Twins will want an ETF in the U.S. to offer it.
It is expected that the Canadian bitcoin fund at the end of this year and will be made available to the customer. But for a long time, it seemed that this fund is not going to come. In February, the OSC and the request is still in print.