Home bitcoin FBC Bitcoin Trust, Achieves Mutual Fund Trust Status in Canada

FBC Bitcoin Trust, Achieves Mutual Fund Trust Status in Canada

0
FBC bitcoin trust in canada
CLICK BELOW FOR FREE BTC Borrow and Lend Bitcoin Click Below bitbond bitcoin lending

A regulated bitcoin trust known as FBC Bitcoin Trust, has achieved the mutual fund trust status in Canada.

The announcement was revealed by First Block Capital Inc. On September 10, that its flagship product, the FBC Bitcoin Trust, “has now achieved mutual fund trust status”, allowing eligible investors to invest in the trust through government-sponsored tax-efficient investment plans.

With this status achieved by First Block Capital Inc.., the trust has become the “first and only” investment product approved by the Ontario Securities Commission (OSC) and the British Columbia Securities Commission (BCSC) to offer “unit holders the exclusive opportunity to hold units of a bitcoin investment in their Tax Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP).”

However, the investment is available only to accredited investors, the firm explained:

“The trust units are [now] considered a qualified investment for a mutual fund trust under the Tax Act, having exceeded 150 unit holders within one year of launching.”

The firm is now the only dedicated cryptocurrency and blockchain investment company” that holds exempt market dealer (EMD), portfolio manager (PM) and investment fund manager (IFM) licenses in Canada.

The firm co-founder Marc van der Chijs, said:
“Our goal is to make investments in the digital currency asset class more accessible and we are one step closer to achieving this goal by allowing unit holders to place units in government sponsored tax efficient vehicles, and by providing daily liquidity.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here