Bitcoin Fund Manager Wins Approval From Canadian Regulators

Securities regulators in the Canadian province of British Columbia have granted an official registration to an investment firm that plans to launch a bitcoin-tied fund.

The British Columbia Securities Commission (BCSC) granted the registration to cryptocurrency investment firm First Block Capital Inc. Based in Vancouver, First Block Capital offers investment services aimed at the emerging digital asset class.

The BCSC stated that, by registering the firm, market overseers are able to access "unique mechanisms to monitor operations."

Zach Masum, leader of Tech Team, the fintech arm of the BCSC, urged other groups working with cryptocurrencies to contact the regulatory body, stating:

"We strongly encourage other companies in British Columbia, whether they are potential new registrants or existing investment fund managers, to contact the BCSC's Tech Team if they are considering pursuing cryptocurrency investments in their funds."

The registration grant marks the latest indication that securities watchdogs in Canada are looking to adopt a more proactive and, to a degree, accomodative approach to firms looking to create products and services around the tech.

This even extends to the area of initial coin offerings, or ICOs, which have sparked warnings from securities regulators in countries like Singapore, the US, and, perhaps most notably, China. By comparison, Quebec's financial services regulator recently accepted an ICO into its so-called regulatory sandbox, as CoinDesk reported on Wednesday.

Vancouver Financial District Image via Shutterstock