3iQ gets approval from Ontario Securities Commission to offer Bitcoin fund
3iQ, a Canadian investment fund manager will now be able to offer Canadian retail investors a regulated, publicly-traded Bitcoin (BTC) fund.
The investment fund manager platform announced via a press release on October 30th that it had received a favorable ruling from the Ontario Securities Commission (OSC) with regards to its closed-end Bitcoin fund, which is aimed to be available on a major Canadian stock exchange by the end of the year.
Canada’s markets regulator in February ruled negatively on 3iQ’s proposal to launch its regulated Bitcoin fund but 3iQ appealed the decision and won approval from the OCS to launch its BTC fund. Fred Pye, 3iQ chief executive said:
“Over the past three years, we have worked actively with the OSC’s Investment Funds and Structured Products Branch to create an investment fund that we hope will allow retail investors the benefits of investing in Bitcoin through a regulated, listed fund.”
Fred Pye told the Financial Post that retail investors will be able to buy and sell the Bitcoin fund through traditional and discount brokers.