Canada’s Financial Regulator Approves First North American Bitcoin ETF

Canada's financial regulator, the OSC has approved a Bitcoin Exchange Traded Fund, according to public records published Thursday.

February 12, 2021 | AtoZ Markets – The first Bitcoin Exchange Traded Fund (ETF) in North America has been approved by Canadian regulators.

Canada Approves First Bitcoin ETF

According the document released on Thursday 11, the Ontario Securities Trading Commission (OSC) announced that it has approved the following territories for the ETF; British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland Approved in Land & Labrador, Northwest Territories, Yukon, and Nunavut.

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Read also: Catherine Wood: SEC May Approve Bitcoin ETF With $2 Trillion Market Cap

According to the fact sheet, the Bitcoin price minus ETF fees and expenses will be offered. Moreover, the ETF will be traded on the Toronto Stock Exchange (TSX) in Canadian dollars and will be supervised by Purpose Investments, a Canadian-based asset management firm.

According to the prospectus, the Bitcoin ETF approved this time is an alternative investment trust that "invests and holds the digital currency Bitcoin as a long-term asset." Cidel Trust, a subsidiary of Cidel Bank Canada, serves as a custodian. In addition, the virtual currency company Geminai will be a sub-custodian. Ernest Young will be the auditor.

The published document says:

"Investors will be able to buy and sell ETFs on TSX through brokers and dealers registered in the state or territory where they live. There is a brokerage fee to buy and sell ETFs."

From the report uploaded to SEDAR, an electronic document search system, it is possible that prospectuses other than this Bitcoin ETF are also moving toward approval.

According to The Block , prospectuses submitted by Evolve Funds Group Inc, Horizons ETFs Management (Canada) Inc, Arxnovum Investments Inc, Accelerate Financial Technologies Inc and others are now available as preparatory documents.

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