Canadian firms are vying to launch the world’s first Bitcoin exchange-traded fund but regulatory hurdles and structural problems are slowing things down, according to one fund’s chief executive officer.
“Everybody seems to be commenting that we might be the first in the world but I think we’ve still got a long way to go with the regulators,” said Raj Lala of Toronto-based Evolve Funds Group Inc., which has been branching out into thematic ETFs such as automobile innovation, cybersecurity and gender diversity.
Earlier this month, the U.S. Securities and Exchange Commission ordered about a dozen Bitcoin ETF filings to be withdrawn and asked the industry to answer 31 questions relating to security, liquidity and valuation that it says need to be cleared up before any funds can be started.
‘A sheer money grab’: Bitcoin may split 50 times in 2018 as forking craze speeds upVancouver home to the ‘first-of-its kind’ global fund to accept cryptocurrenciesDid the Bitcoin bubble just pop? Here’s how it compares with history’s biggest booms and busts
This delay will probably allow Canadian funds to beat their U.S. counterparts to market, and Evolve is in “the pole position to win the race,” Bloomberg Intelligence analyst Eric Balchunas said …read more
Source:: Financial Post – Tech