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Bitcoin [BTC] Fund authorised by Canada; receives mutual fund trust status

Ajay Narayan

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Bitcoin [BTC] Fund authorised by Canada; receives mutual fund trust status
Source: Unsplash

According to a press release published on 10th September, Canada has regulated Bitcoin [BTC] Fund and permitted it with the mutual fund trust status. First Block Capital Inc had officially announced that the trust is the first and only regulated Bitcoin Trust eligible for accredited investors.

The mutual fund trust status will allow unit holders to put their units in a self-directed and registered account such as an RRSP [Retirement Savings Plans] or TFSA [Tax-Free Savings Accounts].

The report stated that FBC Bitcoin Trust can be purchased on NEO Connect with the help of ticker FBCBT. NEO Connect also allows investment advisors to efficiently purchase and redeem the FBC Bitcoin Trust. It can be purchased on behalf of the accredited investor clients in the same way they buy and sell ETFs [exchange-traded funds]. NEO Connect enables daily settlements by removing the previous 30-day redemption clause.

Sean Clark, Co-Founder, and CEO of First Block stated that they will provide investors a regulated, titled and auditable exposure to investment vehicles based on blockchain and cryptocurrency. He further stated:

“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”

Once the trust units exceed 150 unit holders, the tax act will automatically enable them to create a mutual fund trust, the press release stated. FBC is Canada’s first fully regulated PM, IFM and EMD cryptocurrency investment firm.



Marc van der Chijs, Co-founder and Chief Investment Officer of First Block also stated:

“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 is also anticipating that the more than half of the investors in the FBC Bitcoin Trust will begin moving units within the first month. All transfers will be managed by registered broker dealing firms who have worked closely with First Block to prepare the launch of this fund.





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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
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Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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