The Canadian investment fund manager 3iQ may offer a Bitcoin (BTC) exchange-traded fund (ETF) on a large traditional Canadian stock exchange. The Ontario Securities Commission (OSC) has given its approval for this, according to a press release published on October 30.
The OSC, said the Securities and Exchange Commission (SEC) of the Canadian Ontario, rejected the application for “The Bitcoin Fund” in February. 3iQ, however, appealed and eventually received approval for the listed Bitcoin fund. As a result, it is allowed to offer a fully regulated Bitcoin ETF to retail investors. Fred Pye, a board member of 3iQ, says in a comment:
Over the past three years, we have actively collaborated with the OSC’s Investment Funds and Structured Products Branch to create an investment fund that we hope will offer retail investors the benefits of investing in Bitcoin through a regulated, publicly traded fund.
The cryptocurrency exchange Gemini, the exchange of the Winklevoss twins, will take on the custody of the bitcoin in the fund.
Now that 3iQ has received approval, retail investors, therefore, have access to a Bitcoin ETF. The ETF may also be part of a pension fund and the tax-free portfolio to which Canadians are entitled.
With the approval, Canada is ahead of its southern neighbors, the United States. In the country, the SEC has already rejected Bitcoin-ETF applications several times due to concerns about market manipulation. This month, the ETF application from Bitwise and the NYSE was rejected.