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 displayed a somewhat open-minded approach towards the cryptocurrency industry lately as it published a clear set of regulations a few months back and approved several Bitcoin ETFs in 2021.
The country will have its first IIROC as well, as Fidelity Investments announced. The new regulatory-approved product will offer digital asset trading and custody solution for institutional investors only initially.
However, the company intends to file for bitcoin-oriented mutual funds and exchange-traded funds that will allow retail investors to get on board as well.
“Leveraging this new platform, Fidelity Investments Canada ULC filed preliminary prospectuses for Fidelity Advantage Bitcoin ETF and Fidelity Advantage Bitcoin ETF Fund.” – reads the statement.
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