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Canadian Bitcoin Fund Receives Status as Mutual Fund Trust

Canadian Bitcoin Fund Receives Status as Mutual Fund Trust

Canada’s “first” and “only” regulated Bitcoin (BTC) fund First Block Capital Inc. has obtained mutual fund trust status, allowing investors to put their fund units in self-directed registered accounts, according to a press release published September 10.
First Block Capital Inc. (First Block) announced that investors in its flagship product the FBC Bitcoin Trust — available for accredited investors only — can now put their holdings in such accounts as a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA).
Essentially this will allow accredited investors to deposit their fund units into accounts which provide substantial tax benefits for retirement and savings purposes.
There are several types of accredited investors in Canada which include but are not limited to: an individual registered as an adviser or dealer by securities regulators; a person who beneficially owns financial assets in the amount that exceeds $1,000,000 before taxes; or a person whose net income before taxes exceeded $200,000 or $300,000 in each of the 2 most recent calendar years.
Per the press release, the FBC Bitcoin Trust will be available for purchase on the decentralized self-regulated crypto payment system NEO Connect. Investment advisors can now buy and redeem the FBC Bitcoin Trust on behalf of their accredited investor clients. First Block reportedly expects the majority of investors to start moving funds within the first month. Marc van der Chijs, Co-founder and Chief Investment Officer of First Block, said:
“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.”
First Block Capital Inc. was approved by the British Columbia Securities Commission (BCSC) back in September 2017 to ensure compliance with requirements while operating in Ontario, Canada and British Columbia.
At press time Bitcoin is trading at $6,333, up less than 1 percent on the day, according to Cointelegraph’s Bitcoin Price Index.
Source: https://cointelegraph.com/news/canadian-bitcoin-fund-receives-status-as-mutual-fund-trust
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