The Canadian securities regulators have granted an official registration to an investment company which intends to launch a bitcoin-tied fund.
The British Columbia Securities Commission (BCSC) granted the First Block Capital Inc. registration as an investment fund manager and an exempt market dealer to operate a bitcoin investment fund around Ontario and British Columbia. Headquartered in Vancouver, First Block Capital provides investment services focused at the rising digital asset class.
The BCSC explained that, by registering the company, industry overseers are now able to get “unique mechanisms to monitor operations.”
Zach Masum – manager, legal services, capital markets regulation, and leader of the BCSC’s Tech Team- , urged other groups working for cryptocurrencies to make contact with the regulatory body, stating:
“We strongly encourage other companies in British Columbia, whether they are potential new registrants or existing investment fund managers, to contact the BCSC’s Tech Team if they are considering pursuing cryptocurrency investments in their funds.”
“Cryptocurrency investments are a new and novel form of investing in Canada. We have seen from the market and from investors that there is a strong appetite for access to these kinds of investments. This first registration allows access to bitcoin investments, while providing the BCSC with unique mechanisms to monitor operations in a rapidly developing area.”
The registration grant signifies the newest sign that securities watchdogs around Canada want to embrace a more practical and, to a degree, accomodative method to companies seeking to generate services and products on the technology.
This even reaches to the sector of initial coin offerings, or ICOs, that have started alerts coming from securities regulators in countries such as Singapore, the US, and notably, China. In comparison, Quebec’s financial services regulator not long ago authorized an ICO into its so-called regulatory sandbox, as CoinDesk announced last Wednesday.