Canada has been stepping ahead when it comes to approving crypto-related products. The country was among the first to approve Bitcoin and Ethereum exchange-traded funds. Fidelity Clearing Canada (FCC) has now been approved to offer Bitcoin custody and trading services for institutional clients in the country.
Canada will now have its first Investment Industry Regulatory Organization of Canada (IIROC) after the recent approval by the FCC, with the firm now getting the green light to offer a new institutional digital asset service.
Canada to have its first IIROC
Canada now has its first IIROC, according to a recent announcement by Fidelity. In the initial stages, the product will only be available to institutional clients, and it will offer crypto trading and custody solutions. This year, Canada has shown openness when it comes to regulating the crypto sector. The country already has a clear crypto regulatory framework. As aforementioned, the country approved several crypto ETFs in 2021.
However, Fidelity is also looking to onboard retail investors. To do this, it has announced its intentions to file for the approval of Bitcoin-oriented mutual funds and exchange-traded funds.
In a statement, the company noted that “Leveraging this new platform, Fidelity Investments Canada ULC filed preliminary prospectuses for Fidelity Advantage Bitcoin ETF and Fidelity Advantage Bitcoin ETF Fund.”
Launching product to meet demand
Fidelity also announced that the launch of this product comes at a time when the demand for these products is high. Besides, institutional investors have also become more interested in cryptocurrencies as an asset class.
According to the President of FCC, Scot Mackenzie, this product will be the new initiative institutional investors have been looking for. This product is already available to institutional investors, including portfolio managers, mutual funds and ETFs.
Fidelity is one of the leading firms in the US that is pushing for crypto adoption. The firm has also launched different types of products in the US and the UK. The firm also launched a survey among institutional investors. The investigation showed that 70% of institutional investors plan to buy crypto assets in the short term future.
Your capital is at risk.
Read more:
Credit: Source link
