Canadian 3IQ has officially received a receipt for its Bitcoin fund with the Ontario Securities Commission. This was reported by a Twitter user with a link to the attached document, donated November 27.
— Genia🔥比特币 (@GeniaMiinko) November 27, 2019
“The preliminary prospectus has been filed under Multilateral Instrument 11-102 Passport System in British Columbia, Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island are all instrument passport system in British Columbia -Alberta Saskatchewan Manitoba New Brunswick and Nova Scotia Princess versus Iceland and Newfoundland and Labrador know sister stories Yukon and Nunavut, Newfoundland and Labrador. A receipt for the preliminary prospectus is deemed to be issued by the regulator in each of those jurisdictions, if the conditions of the Instrument have been satisfied,” states the document.
The purpose of the 11-102 document is an implementation of securities regulation in the key areas of a system. This provides community access to the money markets in various regions. At the same time, the company deals only with its primary institution and satisfying the terms of one set of harmonized laws.
The Ontario Securities Commission can be a key institution under the instrument. Therefore the regulator thereby provides to the community in Ontario access to the capital markets in passport jurisdictions.
Now Canadian Investment Fund Manager 3IQ is working on the listing of The Bitcoin Fund investment fund on the country’s largest stock exchange.
3IQ Corp hopes the tool will be available by the end of the year. The Bitcoin Fund will allow customers to make long-term investments in bitcoins received from third-party companies, including from cryptocurrency exchanges.
The structure of the fund, limiting the early withdrawal of funds, makes its capital available for investment in assets that cannot be acquired through ordinary mutual funds. Fund investors are allowed to withdraw assets once a year with full value or monthly with payment of a commission.
The cryptocurrency exchange Gemini will act as the keeper of bitcoins of the new fund. Earlier this year, OSC refused to approve the launch of the fund, explaining its decision that the instrument did not meet the requirements and “public interests”.
Note, the Canadian company manages two funds based on digital assets such as 3iQ Bitcoin Trust and 3iQ Global Cryptoasset Fund. The first fund owns only BTC, while the second one supports Bitcoin, Ethereum and Litecoin.