Cryptocurrencies still have a way to go before being widely embraced by the public.
But today, the B.C. Securities Commission took one step closer to making that a reality to registering a company that manages a bitcoin fund.
First Block Capital Inc. has qualified to be an exempt market dealer and investment fund manager with the provincial securities regulator.
"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," Zach Masum, leader of the the BCSC's tech team, said in a news release. "This first registration allows access to bitcoin investments, while providing the BCSC with unique mechanisms to monitor operations in a rapidly developing area."
He added that the regulatory body is strongly encouraing other companies to contact his team if they're pursuing cryptocurrency investments in B.C.
"The Tech Team can help ensure compliance with securities regulation, which can help save time and potential costs later on," Masum said.