The British Columbia Securities Commission announced the approval of an investment fund manager in Canada solely dedicated to cryptocurrency investments.
First Block Capital has been granted registration as an investment fund manager and an exempt market dealer to operate a bitcoin investment fund. The BCSC is allowing the company to operate under the present regulatory framework, while First Block Capital will provide tools to the BCSC to evaluate the identified risks of this innovative fund type.
BCSC said that cryptocurrency investments raise risks that are different from traditional asset classes, including cybersecurity risks inherent in dealing with digital currencies.
“We strongly encourage other companies in British Columbia, whether they are potential new registrants or existing investment fund managers, to contact the BCSC’s Tech Team if they are considering pursuing cryptocurrency investments in their funds,” said Masum. “The Tech Team can help ensure compliance with securities regulation, which can help save time and potential costs later on.”
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