A Canadian Bitcoin Trust gained the mutual fund trust status. Enabling eligible investors to invest in trust through state-funded tax efficient investment schemes. The investment was approved by the Ontario Securities Commission and the British Columbia Securities Commission.
Mutual Fund Trust Status
First Block Capital Inc. Announced on Monday (September 10th) that the best flagship FBC Bitcoin Trust company has now get over the mutual funds trust status.
For this reason, it was the “the first and only” investment product approved by the Ontario Securities Commission (OSC) and the British Columbia Securities Commission (BCSC).
“Unit owners are offering a special opportunity to keep bitcoin investments together. Tax Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) “.
Stating that the investment is only open to accredited investors, the firm explained:
“Trust units are considered to be a qualified investment for the protection of an investment fund under the Tax Code and have ensured that more than 150 units are active within a year.”
The firm identifies itself as “Canada’s first fully registered, privately-owned cryptographic currency and blockchain investment company” and has licenses to the exempt market vendor (EMD), portfolio manager (PM) and investment fund manager (IFM). Co-founder and chief investment officer Marc van der Chijs.
“Our aim is to make units more accessible to state-funded and tax-efficient instruments and to provide daily liquidity in order to make more readily accessible investments in the digital money asset class and achieve this goal.”
2 FUNDS ARE COMING!
The company plans to offer two investment products in addition to Bitcoin Trust. The company’s funds are held in Xapo’s cold weather storage.
- The first one is the Active Blockchain Opportunities
- The second one is the Cryptocurrency Index Fund
What is Active Blockchain Opportunities?
It is actively managed ETF dedicated to uncovering the best companies exposed to this global secular theme.
What is Cryptocurrency Index Fund?
Tracks the performance of tokens which are selected by the firm’s management team.