Saturday, December 4

Fidelity Receives Regulatory Approval to Launch Canada’s First Bitcoin Institutional Solution


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.

  • The company explained that the launch of FCC comes amid the growing demand for cryptocurrencies globally as well as Canadian institutions getting more interested in the asset class.
  • Scott Mackenzie, President of FCC, believes that institutional investors in Canada “have been looking for a regulated dealer platform to access this asset class” for a while, which is what the new initiative will facilitate.
  • “Fidelity Clearing Canada is pleased to offer our new solution, leveraging Fidelity’s global expertise and deep knowledge of digital assets for leading Canadian institutional investors.” – Mackenzie added.

  • FCC’s institutional cryptocurrency trading and custody solution is already active, and portfolio managers, dealers, mutual funds, ETFs, and other qualified institutional investors can access it.
  • Fidelity has been among the leaders in terms of cryptocurrency adoption. It has launched numerous products in the US and Europe as of last year. The firm recently initiated a survey among institutional investors, which concluded that 70% of them plan to buy digital assets in the near future.
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