Canada’s Bitcoin Fund Obtains Mutual Fund Status

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The “first and only” regulated Bitcoin fund, First Block Capital Inc. can now accept accounts of accredited investor RRSP (Registered Retirement Savings Plan) and TFSA (Tax-Free Savings Account).  Canada’s Bitcoin Fund is permitting investors to place their units into self-directed registered accounts, offering consistent tax benefits for saving purposes or retirement.

Good news for the Canadian crypto-investors

First Block Capital Inc. has been approved as a BTC fund back in September 2017 by the BCSC and it is compliant with the legal requirements for British Columbia, Ontario and Canada.

According to the Canadian legislation, accredited investors are individuals registered as advisors or dealers by the securities regulators; in other words, they are people with financial assets of $1,000,000 before taxes or whose net income is above $200,000 each year, for the past two years.

“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 the space”, Sean Clark, Co-Founder and CEO of First Block told the press.

Canada’s Bitcoin Fund expectations

The co-founder also declared that the Trust is available for acquisition through the regulated crypto payment system NEO Connect. The Co-founder and CIO of First Block, Marc van der Chijs is optimistic, and probably the majority of investors will start to move funds within the first month of availability. All valid transfers will be operated by registered broker dealer firms which have been verified and approved by the Canada’s Bitcoin Fund.

Der Chijs is also trying to underline the Fund’s position and at the same time, show the world that Canada is a “world leader in regulated blockchain and cryptocurrency investment vehicles”.

Canada’s Bitcoin Fund is a solid example of an emerging crypto market as the time is right to take advantage of the fact that Canada is becoming crypto-friendlier with every single day. The BTC price is at a low level, making it favorable for new investments. At BitCanuck we are always ready to help you get started within minutes. Find out more by contacting our friendly support.