Canadian investment fund manager 3iQ Corporation, has <a href="https://www.businesswire.com/news/home/20191030005819/en/%C2%A03iQ%E2%80%99s-%E2%80%9Cthe-Bitcoin-Fund%E2%80%9D-Receives-Favourable-Ruling">announced</a> that it has received a favorable ruling from Ontario Securities Commission (OSC) to offer Canadian retail investors a regulated, publicly traded Bitcoin fund.

Ideally, The Bitcoin Fund allows investors exposure to Bitcoin through a long-term holding strategy; of Bitcoin sourced from companies which include Bitcoin exchanges. Because the fund is a non-redeemable investment fund (NRIF), it provides 3IQ Corp the opportunity to invest in assets restricted for mutual funds. As an NRIF, The Bitcoin Fund limits the redemption capabilities of its investors. Investors of the fund will have the right to redeem their investments at net asset value annually, or discounted monthly redemption.

Moreover, back in February Canadian markets regulator ruled negatively 3iQ’s proposal to offer its regulated Bitcoin fund. However, 3iQ has now appealed the decision and received approval from OCS to start its Bitcoin fund. According to president and CEO of 3iQ Fred Pye:
<blockquote><strong><em>“Over the past three years, we have worked actively with the OSC’s Investment Funds and Structured Products Branch to create an investment fund that we hope will allow retail investors the benefits of investing in Bitcoin through a regulated, listed fund.”</em></strong></blockquote>
Furthermore, 3iQ has had great support from its partners for the last three years. This includes the building of an innovative Bitcoin benchmark for VanEck’s MV Index Solutions. This is a <a href="https://www.cryptoknowmics.com/crypto/cryptocurrencies-should-be-regulated-says-mike-pompoe/">regulated</a> index provider and a frontier in creation of Blockchain indices and data series.

Additionally, CEO of VanEck’s MV Index Solutions said:
<blockquote><strong><em>“We were pleased to work closely with 3iQ in both the development of the index; and in working with the regulators to address their concerns. We are obviously impressed with the determination and persistence of our Canadian partners.”</em></strong></blockquote>
<h2>Gemini to Act as 3iQ’s Bitcoin Fund Custodian</h2>
In conclusion, Gemini will act as the custodian for the BTC in the Bitcoin Fund. Gemini is a New York based exchange and trust company.

3IQ Corp Receives Favorable Ruling from Regulator for Bitcoin Fund

Canadian investment fund manager 3iQ Corporation, has announced that it has received a favorable ruling from Ontario Securities Commission (OSC)... %

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3IQ Corp Receives Favorable Ruling from Regulator for Bitcoin Fund

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