Canada obtains its first Bitcoin-based trust fund

Canadian investors are about to enter the real game. This is after First Block Capital Inc (FBC) has been authorized by the Ontario Securities Commission (OSC) and the British Columbia Securities Commission (BCSC) to operate under the privileged status of an approved mutual fund. FBC is an investment company focused on blockchain technology.

What it means for investors

The trust status of the mutual fund means that investors can now keep their funds in a registered retirement savings plan (RRSP) or tax exempt savings account (TFSA). However, FBC states that, at the moment, the new service is only accessible to accredited investors. Therefore, investors will enjoy the tax advantages that come from the specific accounts, in particular for the purpose of building savings or a pension plan. NEO Connect will be the distribution platform for the new trust.

In a statement, the co-founder and current CEO of First Block, Sean Clark, said that FBC intends to eliminate the obstacles faced by people who want to invest in cryptos directly. He continued to praise NEO Connect as a credible partner and highlighted the rapidly growing position of the platform as a proven distribution network. According to Sean, NEO Connect is definitely the best partner for First Block.

Negotiation

On NEO Connect, investors can conduct their trades as easily as they use an exchange traded fund (ETF). The CEO and the president of NEO Connect also had something nice to say about it. In his opinion, investors will now be able to operate efficiently on the FBC platform and NEO Connect will help them access various tradable asset classes.

With the new trust fund, investors can access Bitcoin without having to hold or manage the coins. Under the tax law, a trustworthy unit will be assigned the same status as a credible investment. According to NEO Connect, investors should start moving funds within the first month. First Block is now working with broker and dealer companies to help manage the transfers of funds before the company is fully launched.

For its part, NEO Connect is a well-known fund distribution network that currently distributes 46 funds and works with 3 different wealth managers 15 dealer networks. It provides almost $ 600 million in asset value.

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