The closed 3iQ Bitcoin Fund is close to approval in Ontario. This was announced by Canadian investment fund manager 3iQ in a press release dated October 30, 2019. The Ontario Securities Commission, Ontario Securities Commission (OSC) , flipped through the fund's prospectus, where it is awaiting final approval.
Over the past three years, we have worked actively with the Ontario Securities Commission,
said Fred Pye. The CEO of 3iQ hopes to approach small investors with his investment fund.
The regulator rejected the Bitcoin fund in February. In its appeal, 3iQ stated that it complies with all regulatory directives regarding the protection of the BTC.
At the re-hearing, Lawrence P. Haber, a member of the Securities Commission, said the regulator had not sufficiently demonstrated that a Bitcoin fund was not compatible with the rules in force. He also rejected the idea that retail investors could not recognize the potential risks associated with investing in digital currencies such as Bitcoin.
Bitcoin funds should facilitate investment in cryptocurrencies
Gemini Trust Company LLC, a New York-based cryptocurrency and trust company, becomes the depository for the 3iQ bitcoins.
Tyler Winklevoss, co-founder of Gemini Crypto Exchange, described the verdict as "historic." Cameron, Tyler's twin brother, added:
3iQ has carefully selected a team of professional partners with expertise in the digital asset industry to develop a safe and secure fund product for the Canadian market, and we are pleased to be chosen as the custodian.
Among these partners, not only Gemini, but also VanEck, one of the companies that is constantly striving to launch the first exchange-traded Bitcoin index fund (ETF) in the US market.
The twins of Winkelvoss, Tyler and Cameron, are themselves known as the big investors of Bitcoin. Both had already announced in June 2013 the launch of a fund for Bitcoin to facilitate investments for non-crypto-refined investors.