3iQ receives regulatory approval to launch Bitcoin investment fund

The 3iQ Investment Fund Manager has received the approval of the Ontario Securities Commission (OSC) to launch a Bitcoin fund, which will be available on major Canadian stock exchanges.

It is expected that The Bitcoin Fund will appear on the country’s stock exchanges by the end of this year. According to Fred Pye, CEO of 3iQ, the Commission requested him to “submit the final draft” of the foundation.

“For the past 3 years, we have been working closely with OSC’s investment fund and structured product division to create a fund that will allow retail investors to invest in bitcoin through a regulated environment at familiar sites,” he said.

The launch of the fund on bitcoin will allow investors to invest in this asset for a long time, while the bitcoins themselves will be provided by companies, including cryptocurrency exchanges. In addition, since the fund is closed, this makes it possible to invest in assets inaccessible to ordinary mutual funds.

Closed funds have some limitations – investors cannot withdraw their funds at any time. They can pick them up only at the net worth of assets once a year, or do it on a monthly basis, but at a lower price.

“We solved the issues of price, storage, audit and interest for this fund. We will submit the final application for the launch of the fund in the near future, ”said Pai.

In addition, it was recently reported that as early as next month, Galaxy Digital cryptocurrency investment bank will launch two new cryptocurrency funds.