Cryptocurrency News

Canadian regulators approve the first Blockchain ETF

After extensive internal tests, Harvest portfolios, an independent Canadian investment management company, presented the preliminary documentation for its ETF Blockchain Technologies (HBLK) back in January.

With this documentation, Harvest Portfolios wanted to provide Canadian investors the opportunity to buy in the blockchain technology sector.

After analyzing the information, the Ontario Securities Commission has reported that the first blockchain exchange-traded fund (also known as ETF) was approved and will be launched on the Toronto Stock Exchange in the coming days.

It should be pointed out that Harvest portfolios indicated that the fund will be invested directly or indirectly in the development and implementation of blockchain technologies and in variable income values of exposed emitters.

This Canadian company also expects ETF to track blockchain technology projects, reflecting the Harvest Blockchain Technologies index.

The well-known Canadian newspaper, The Globe and Mail, reported that “First Trust Portfolios Canada” and “Evolve funds Group Inc.”, two other Canadian investment companies, recently presented their first prospects with regulators so the investors can buy into the blockchain technology sector.

Unlike the good news coming from Canada, US regulators have stated that such funds are not ready for regulation under the United States law.

Dalia Blass, director of the Investment Administration Group of the U.S. Securities and Exchange Commission (SEC), said that their organization has important outstanding questions about how the funds containing substantial amounts of Cryptocurrencies and related products will comply with the legal requirements of the United States.

We should also mention that First Trust Portfolios Canada is already present in the United States market and offers its blockchain ETF with the ticker LEGR. They want to enter the Canadian market as they have indicated that it is the product of the demand of their clients of this country.

As regards to Evolve Funds Inc, the company claims that its proposed ETF blockchain, also known as LINK, would be the first “actively managed” to be available to all Canadian investors.

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