Bitcoin ETF Launch Approved in Canada

The Ontario Securities Commission has approved the launch of the Purpose Bitcoin ETF.

Canadian Regulatorregistered the Purpose Bitcoin ETF, whichwill be operated by Purpose Investments. Access to the fund has been approved for companies and residents in the Canadian provinces of British Columbia, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Yukon and Nunavut, and the Northwest Territories.

According to the document, the Purpose Bitcoin ETF is an alternative mutual fund that "investsfor the long term and keeps virtually all of its assets in Bitcoin."Cidel Trust Company was appointed custodian, although in fact the cryptocurrency will beis stored in the Gemini Trust service.The auditor of the Purpose Bitcoin ETF will beErnst & Young, a well-known consulting firm.

Toronto Stock Exchange Has Already Approved AdditionETF to your platform. The ability to buy and sell ETF shares will appear shortly under the BTCC ticker. Other ETF applications from Evolve Funds Group, Horizons ETF Management, Arxnovum Investments and Accelerate Financial Technologies also received preliminary approval from the Ontario regulator.

Cryptocurrency enthusiasts hope a solutionThe Canadian regulator will also affect the attitude of the US Securities and Exchange Commission (SEC) to bitcoin, which has previously repeatedly rejected similar applications. However, Ark Investment Management CEO Catherine Wood believes that the SEC is unlikely to approve a Bitcoin ETF before the capitalization of the first cryptocurrency reaches $ 2 trillion.

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