Canada to create its first Bitcoin exchange fund
The fund will start trading on the TSX as of February 18 after eight months of discussions between Purpose Financial and OSC
Canada became the first country in the world to approve the creation of a fund listed in bitcoin, which will make it easier for small investors to access this cryptocurrency.
The fund will start trading on the TSX from February 18 after eight months of discussions between Purpose Financial and OSC, according to Purpose Financial CEO Som Seif.
Seif assures: “Regulators now recognize that creating an efficient and regulated structure is much better for the protection of investors than some of the things that we have seen in recent years that were not regulated and that were either directly fraudulent or left to investors paying scandal commissions”.
In the United States, at least 10 investment firms have submitted proposals to the United States Securities and Exchange Commission (SEC) to create similar investment products.
The approval by the Canadian authorities comes just days after the luxury electric car company Tesla revealed that it invested 1.5 billion dollars in the purchase of bitcoin and that it will allow the use of the cryptocurrency to buy its vehicles.
Source: doblellave
