Canadian First Block Capital Inc. Bitcoin (BTC) Fund Obtained The Mutual Trust Fund Status
First Block Capital Inc., the only officially-recognized Bitcoin (BTC) fund in Canada, just obtained the mutual trust fund status, as reported yesterday, September 10th. Accordingly, First Block Capital Inc. is now permitting its investors to place their money in self-directed accounts.
In the press release, First Block Capital Inc.’s representatives announced that only those accredited investors who invested in the FBC Bitcoin (BTC) Trust product are now able to store their holdings in accounts such as the Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA).
Basically, First Block Capital Inc. is now allowing only accredited investors to save money for retirement or to put their money in accounts that offer considerable tax benefits.
As for the accredited investors, there are various types of such investors in Canada, including each individual recorder as a dealer or adviser, every person who owns assets that total more than $1,000,000, or those people who earned over $200,000 or $300,000 in each of the last two calendar years.
First Block Capital Inc. Bitcoin (BTC) Fund obtained the mutual trust fund status
According to the official announcement, the FBC Bitcoin Trust is available on NEO Connect, a decentralized and self-regulated cryptocurrency payment system. Investment consultants can now purchase and demand the FBC Bitcoin Trust units in the name of their clients, the accredited investors.
First Block Capital Inc. expects a significant number of investors in the first month.
“Our goal is to make investments in the digital currency asset class more accessible. And we are one step closer to achieving this goal by allowing unit holders to place units in government-sponsored tax efficient vehicles, and by providing daily liquidity through NEO Connect, a fund distribution platform with a rapidly growing dealer network,” said Marc van der Chijs, Co-founder and Chief Investment Officer of First Block Inc.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.