Ontario Securities Commission Approves Bitcoin Mutual Fund

 In Altcoins, Bitcoin, Exchanges, Governments and Regulations

reports that the Ontario Securities Commission (OSC) and British Columbia Securities Commission (BCSC) have approved First Block Capital Inc. to launch a Bitcoin fund which will be classified as a mutual fund. Investors can now invest in Bitcoin through their registered retirement savings plan (RRSP) and tax-free savings account (TFSA) by making purchases through the NEO Connect platform under the FBCBT ticker.

The fund eases the process of investing in Bitcoin as investors do not have to deal with purchasing, storing, or managing Bitcoins. First Block co-founder and CIO 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 unitholders to place units in government-sponsored tax efficient vehicles.

First Block Capital expects that FBC Bitcoin Trust investors will begin to move units shortly and at the moment the fund is only open to accredited investors.

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