Investment Fund 3IQ Receives Green Signal From Ontario Regulator For Bitcoin Fund October 31, 2019 October 31, 2019 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsOctober 31, 2019 by Kelly Cromley

Investment Fund 3IQ Receives Green Signal From Ontario Regulator For Bitcoin Fund

3IQ Corp, an investment fund management company in Canada, has disclosed that it has received positive response from the Ontario Securities Commission (OSC) for its proposed “Bitcoin Fund,” which is planned to be listed on top Canadian stock exchanges.

As per 3IQ Corp, OSC has asked its director to “issue a receipt for a final prospectus” of the non-redeemable “Bitcoin Fund.” 3IQ Corp intends to list the fund in the fourth-quarter of 2019 for trading.

Investors in the Bitcoin Fund will gain exposure to Bitcoin, which will be bought from other institutions and cryptocurrency exchanges and held for an extensive period.

As the fund is categorized as a non-redeemable investment fund (NRIF), it permits 3IQ Corp to acquire assets which are not allowed for mutual funds.

However, being an NRIF, the Bitcoin Fund poses restrictions on redemption rights of its investors. Those who invest in the fund will be allowed to redeem their investments annually, with net asset value as the basis for calculation. Investors can also redeem their units monthly, but at a discount from market price.

Fred Pye, President and CEO of 3iQ, elaborated the work done over the past few years to ensure the plan turn into a success.

“Over the past three years, we have worked actively with the OSC’s Investment Funds and Structured Products Branch to create an investment fund that we hope will allow retail investors the benefits of investing in bitcoin through a regulated, listed fund. We have addressed the questions of pricing, custody, audit, and public interest issues in a regulated investment fund. We intend to refile the prospectus as soon as possible as the next step in bringing this ground breaking fund to investors.”

3IQ revealed that Gemini exchange will act as custodian for the Bitcoins. Cameron Winklevoss, President of Gemini expressed happiness for being chosen as the custodian.

“3iQ has carefully selected a team of professional partners with expertise in the digital asset industry to construct a safe and secure fund product for the Canadian market, and we are excited to be selected as their custodian.”

Earlier in 2019, the OSC denied to acknowledge the fund’s prospectus, pointing out absence of compliance with Canadian rules and guidelines.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.