The British Columbia Securities Commission has granted First Block Capital Inc. registration as an investment fund manager and an exempt market dealer to operate a bitcoin investment fund.
It’s the first registration of an investment fund manager in Canada solely dedicated to cryptocurrency investments.
The investments raise different risks than do traditional asset classes, including cybersecurity risks inherent in dealing with digital currencies. The risks relate not only to the registrant but also to the bitcoin fund’s custodian, a third party chosen to facilitate the safekeeping and exchange of bitcoins.
The conditions of registration imposed on First Block Capital give the BCSC tools to evaluate the identified risks of this type of fund.