Fidelity Receives Green Light to Work in Canada as Bitcoin Custodian

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The Investment Industry Regulatory Organization of Canada (IIROC) has recently allowed Fidelity Investments to launch an institution-focused Bitcoin trading and custodian platform in the country. As a result, the company will be able to launch an ETF based on the largest crypto by market cap.

Fidelity has already submitted an application to this end.

Scott McKenzie, president of Fidelity Clearing Canada, said:

“The demand for investment in digital assets is growing rapidly and institutional investors are looking for a regulated service to access this asset class.”

We should take into account that the company launched by the firm will be the first of its kind in Canada. Local regulated Bitcoin ETFs leverage the power of US registered custodians.

Company representatives presented in a meeting with SEC officials in September arguments in favor of approving a spot Bitcoin ETF.

In February, Canada became the first country in the world to approve an exchange-traded fund based on Bitcoin, while in April, the country’s regulators allowed the launch of similar products based on Ethereum.