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September 8, 2017updated 11 Sep 2017 10:38am

First Block Capital secures registration to operate bitcoin investment fund

By Krishna Chaitanya

First Block Capital has secured registration from the British Columbia Securities Commission (BCSC) as an investment fund manager solely dedicated to cryptocurrency investments.

The registration, which is the first in Canada, will allow the company to operate a bitcoin investment fund.

The regulator said that the conditions of registration were designed to assess the identified risks of the new fund type and offer the company flexibility to operate under the existing regulatory framework.

First Block will also operate as an exempt market dealer in Ontario, with BCSC being its principal regulator.

BCSC Tech Team manager, legal services, capital markets regulation, and leader Zach Masum said: “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.

“This first registration allows access to bitcoin investments, while providing the BCSC with unique mechanisms to monitor operations in a rapidly developing area.”

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