First Block Records Another Crypto Achievement For Canada

First Block Capital Inc., Canada’s regulated Bitcoin (BTC) fund, has announced yet another achievement. In their statement, First Block disclosed that its products have attained mutual fund trust status. The FBC Bitcoin Trust is the fund, and this achievement takes First Block one step ahead of others.

What Does this Mean for Customers?

Cryptocurrency holders can now save in self-directed registered accounts. Indeed, some of the self-directed registered accounts include RRSP and TFSA. Interested participants are advised to visit NEO Connect and purchase them. To purchase them, the purchaser should use the ticker FBCBT. On NEO Connect, investment advisers can purchase, as well as redeem, FBC Bitcoin Trust.

This can be done on behalf of their accredited investor just as ETFs. Apart from purchasing and redeeming the fund, NEO Connect also allows daily settlement. This is possible as the 30 days given initially no longer applies.

Fund Officials Speak

Sean Clark, co-founder and CEO of First Block, said that ever since inception, they have been committed to quality service. He said that their investors are their priorities as the fund offers them regulated exposure to investment vehicles. Clark pointed out that these investment vehicles are on the blockchain and cryptocurrency. Also, he posited that their team will continue to lead the market and churn out investible products for the market.

In his view, Marc van der Chijs, co-founder and Chief Investment Officer of First Block, says that it’s a feat. He noted that they would continue to push Canada forward as the leader in the world’s regulated cryptocurrency space. Chijs stated that the fund has a goal to make crypto-asset investment more accessible. “We are about to reach this goal as we allow investors to participate in unit-placing in regulated tax-efficient vehicles”, Chijs says. On NEO Connect partnership, he said it’s a good decision as it improves their product liquidity. He added that the fund distribution platform, NEO Connect, is expanding rapidly.

More on First Block Capital Bitcoin Trust

Basically, FBC Bitcoin Trust allows all eligible investors to gain exposure to the foremost cryptocurrency, Bitcoin. While at it, these crypto-asset investors won’t have to necessarily acquire and manage the underlying Bitcoins. Also, the trust units are seen as a qualified digital asset class investment for mutual fund trust.

It has some legal implications as there are regulations guiding it under the Tax Act. The reason is that it exceeded the 150 unit investors in its one year of launch. In truth, holders can have units in BTC investment in TFSA (Tax Free Savings Account) or RRSP (Registered Retirement Savings Plan).

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