Canada is one step ahead of the SEC as they approved the very first regulated Bitcoin trust fund the status of a Mutual fund that enables accredited traders to invest in Bitcoin through their retirement savings plan and free of tax saving accounts.
The first and only regulated Bitcoin fund granted mutual status in Canada. Canada has overtaken the SEC and according to the official announcement made by First Block Capital Inc. the FBC Bitcoin Trust has become the first and only regulated Bitcoin Trust eligible for accredited traders.
This lets those that hold units, put their units in a self-directed registered account like a tax-free registered retirement savings plan and savings account. This trust is now available to buy under the FBCBT ticker and on the NEO Connect.
The co-founder and current CEO of First Block Capital, Sean Clark said:
“Since inception, First Block Capital has been committed to providing investors with regulated, titled and auditable exposure to investment vehicles based on blockchain and cryptocurrency. Our team is extremely proud to maintain our market-leading position and will continue to execute our vision of creating a fleet of investible products dedicated to space.”
As per the trust, traders that are qualified are allowed the exposure to the Bitcoin but without having store, acquire and manage the Bitcoin.
The Tax Act stated that if the trust has more than 150 holders of units within a year of its launch, it is to be considered a mutual fund trust.
“With this accomplishment, we continue to push Canada forward as a world leader in regulated blockchain and cryptocurrency investment vehicles. 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 through NEO Connect, a fund distribution platform with a rapidly growing dealer network.”
The CEO and co-founder of First Block, Marc van der Chijs stated.