Fidelity Receives Regulatory Approval to Launch Canada’s First Bitcoin Institutional Solution

Canada has its first cryptocurrency-focused Investment Industry Regulatory Organization of Canada (IIROC) as the local watchdogs approved Fidelity Clearing Canada (FCC) to launch a new institutional digital asset service.

Canada has been open-minded about cryptocurrency recently. It published clear regulations a few months ago and approved several Bitcoin ETFs by 2021. Fidelity Investments also announced that Canada will receive its first IIROC. This new product, which has been approved by regulators, will initially offer digital asset trading and custody solutions for institutional investors. However, Fidelity Investments announced that it plans to file for exchange-traded and bitcoin-oriented mutual funds to allow retail investors to join.

“Fidelity Investments Canada ULC filed preliminary prospectuses to Fidelity Advantage Bitcoin ETF Fund and Fidelity Advantage Bitcoin ETF Fund, leveraging this new platform,” reads the statement.

FCC was launched in response to growing interest in cryptocurrencies worldwide and Canadian institutions becoming more interested in this asset class.

Mackenzie said, “Fidelity Clearing Canada welcomes our new solution. It leverages Fidelity’s global expertise and deep understanding of digital assets for leading Canadian institutional investor.”

FCC’s institutional crypto trading and custody solution can be accessed by portfolio managers, dealers and mutual funds as well as ETFs and other qualified institutional investors. As of last year, it has launched a number of products in Europe and the US. A survey of institutional investors was conducted by the firm, and it found that 70% plan to purchase digital assets within the next few years.
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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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