Canada gets its first bitcoin fund manager

The new fund is approved to operate in BC and Ontario

Canada gets its first bitcoin fund manager
Steve Randall
A Vancouver-based fund manager has been approved to operate Canada’s first bitcoin investment fund.

First Block Capital Inc. has been approved as an investment fund manager and an exempt market dealer by the British Columbia Securities Commission and will operate in BC and Ontario.

"Cryptocurrency investments are a new and novel form of investing in Canada. We have seen from the market and from investors that there is a strong appetite for access to these kinds of investments," said Zach Masum, Manager, Legal Services, Capital Markets Regulation, and leader of the BCSC's Tech Team. "This first registration allows access to bitcoin investments, while providing the BCSC with unique mechanisms to monitor operations in a rapidly developing area."

There are unique risks associated with bitcoin and other cryptocurrency investments which are not just carried by the investor but also by the bitcoin fund's custodian, a third party chosen to facilitate the safekeeping and exchange of bitcoins.

First Block Capital says it is pioneering financial products that will connect capital with entrepreneurial opportunities all throughout the distributed ledger and cryptocurrency value chains.