Canadian Regulators Green Light Worlds First Bitcoin ETF for Retail Investors | National Crowdfunding & Fintech Association of Canada

bloomberg canada | olivia raimonde and claire ballentine | February 12, 2021

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purpose investments inc. He said that Canadian securities regulators have approved the launch of the bitcoin ETF purpose, making it the first to gain regulatory approval in North America.

Reading: Canadian regulator launch world first bitcoin

The fund is designed to provide investors with exposure to the world’s largest cryptocurrency by investing directly in physically settled bitcoins, the company said in a statement. While this will be the first investment vehicle for bitcoin officially labeled an exchange-traded fund, Europe has several “physically backed” bitcoin exchange-traded products that function effectively like an ETF.

see: ‘shark tank’ investor kevin o’leary says bitcoin is too volatile for his portfolio, but says he would own a crypto ETF

This is not the first time that Canada has beaten the USA. uu. in regulatory approval for ETFs. Canadians launched the first ETF in history and also launched marijuana-related funds before their neighbors to the south. Industry participants say this is a positive sign for companies hoping to offer their own ETFs in the US. uu. exchange. You can learn more about etfs by simply clicking “buy homework” on one of the sites that are ready to research for you.

“canada has a long history of approving new types of etfs before the us. uu. and the usa has a tracking history. so we think this is net good news for us bitcoin hopes. uu,” said Bloomberg ETF intelligence analyst Eric Balchunas.

See also: Cómo vender bitcoins y recuperar tu inversión en criptomonedas | Digital Trends Español

There are currently at least four active filings for a bitcoin ETF in Canada yet to be approved, according to data compiled by Bloomberg. The companies that have been featured since the beginning of the year are Evolution Funds, Horizon ETFs, Accelerated Financial Investments, and Arxnovum.

“We are excited about this development for the entire industry, but more importantly for investors who want regulated and transparent exposure to this new asset class,” said Matt Hogan, Chief Investment Officer at Bitwise Asset Management.

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global and mail | clare o’hara | February 12, 2021

Bitcoin ETF approved - Canadian Regulators Green Light WorldCanada approves world’s first bitcoin ETF for retail investors

purpose investments inc. has been cleared by regulators to launch the world’s first bitcoin exchange-traded fund, opening the door for retail investors to more easily access a cryptocurrency that regulators had stalled for years. this will be a big step forward for e-commerce software development.

On Thursday, the Ontario Securities Commission (OSC) gave the green light to Purpose Investments, the asset management arm of Purpose Financial LP, to list the Purpose Bitcoin ETF on the Toronto Stock Exchange. Under the ticker btcc, the fund will start trading on Feb. 18 and invest directly in bitcoin, allowing retail investors to access the cryptocurrency without the need for a digital wallet.

see: fintech fridays ep50: fulfillment to the moon

See also: What Is Bitcoin? How Does It Work? – Forbes Advisor

Purpose Chief Financial Officer Som Seif, an ETF veteran, says he and his team have been in private talks with the CSO for the past eight months to finalize the ETF launch. He said that since 2017, regulators have grown more comfortable with the asset class as crypto has been more widely adopted by institutional investors and there is more infrastructure to support the asset.

“there is a growing recognition that this is an asset class that attracts investors, whether regulators like it or not,” said mr. Seif said. “I think regulators now recognize that creating an efficient, regulated structure is a much better outcome for investor protection than some of the things we’ve seen in recent years that were unregulated, completely fraudulent, or leaving investors unregulated. paying extortionate fees.”

In recent weeks, several ETF providers have submitted a preliminary prospectus to the OSC in hopes of being first to market. Horizons ETFs Management (Canada) Inc., Evolve Funds, Accelerate Financial Technologies Inc. and newcomer arxnovum investments inc. have publicly petitioned regulators to list a bitcoin ETF that would also be listed on the Toronto Stock Exchange.

see: are stablecoins better than bitcoin?

In the United States, more than 10 investment companies have filed with the Securities and Exchange Commission (SEC) for similar products. last month, usa Chairman Joe Biden has appointed a new SEC chairman, raising hopes that a bitcoin ETF may be approved in 2021.

btcc’s approval by the osc could prompt other markets to see similar products come to light.

“the sec will definitely feel pressure to allow such a product to come to market because there are already products on the market that are taking advantage of bitcoin exposure that are not efficient for investors and are not being done in a regulated format like the sec would like,” Mr. Seif said.

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See also: El Salvador becomes first country to adopt bitcoin as legal tender | El Salvador | The Guardian

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