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ARTICLE · 21 SEPTEMBER 2017

Canadian Securities Regulators Clear A Path For Bitcoin Funds

Blake, Cassels & Graydon LLP
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The Staff Notice discusses the application of securities laws to ordinary investment funds that propose to invest in cryptocurrencies.

CanadaTechnology
Aaron Palmer
Aaron Palmer
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The British Columbia and Ontario securities regulators have taken a leap forward in the regulation of bitcoin and other cryptocurrencies with the first registration of a fintech start-up, First Block Capital Inc., which intends to launch a fund that will invest all of its assets in bitcoin.

The regulatory backdrop for this landmark registration is provided by the Canadian Securities Administrators (CSA) in Staff Notice 46-307 – Cryptocurrency Offerings (Staff Notice), which was published in August (see our September 2017 Blakes Bulletin: Industry Responds to CSA Guidance on Cryptocurrency Offerings). The Staff Notice also included a discussion of the issues raised by cryptocurrency investment funds, which fund sponsors and distributors must be prepared to address.

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