Canadian controlled bitcoin-fund First Block Capital Inc. received the status of a collective investment fund for its trust under the name FBC Bitcoin Trust. It will work as a collective investment fund for accredited customers.
Thanks to the new status, investors will be able to place funds in the cryptocurrency in registered accounts, including TFSA, and accumulative pension accounts (RRSPs - Registered Retirement Savings Plan). The project will be implemented jointly with NEO.
Access to the trust can be obtained through the NEO Connect platform. Investors who will use the new service will be able to make payments on a daily basis, without restrictions on the conduct of transactions.
As the press release says, consultants who act on behalf of investors should find the FBCBT fund ticker on NEO Connect, then select the amount of the cryptocurrency they are going to buy and leave a request. The system will execute it at the end of the same day and the position will be automatically added to the users’ account.
WHY IS IT IMPORTANT?
- The clients of the Canadian trust have the opportunity to gain access to bitcoin without the need to buy this cryptocurrency or store it. Investments in this fund will be considered qualified investments in full compliance with the law. The trust has already been approved by regulators and has become the only legally operating product of its kind in the country.