Canadian watchdogs approve FCC to launch crypto Custody service

The regulators of Canada approved Fidelity Clearing Canada (FCC) to start a new institutional digital asset service to provide custody.

In the present time, most of the big firms and businesses want to go with crypto but they have failed because of the absence of better custody services. Now in the latest, Canadian players entered this field to push crypto adoption at a high level. 

Investment Industry Regulatory Organization of Canada (IIROC) became the first-ever crypto Custody firm in Canada after the approval of the local watchdogs. 

Fidelity investments firm announced, after the approval of IIROC, that their new products based services will allow the institutional firms to trade and use the custody services. So it will be a new initiative for the institutional investors to go with crypto. 

The company is also planning for bitcoin-backed mutual funds and exchange-traded funds products for retail investors, who have an interest in the crypto sector. 

“Leveraging this new platform, Fidelity Investments Canada ULC filed preliminary prospectuses for Fidelity Advantage Bitcoin ETF and Fidelity Advantage Bitcoin ETF Fund.” – reads the statement”

The firm said that the launching of the FCC is a result of the rapid adoption and demand of crypto among Canadian as well as global institutional investors. 

The president of FCC, Scott Mackenzie, said that they have huge expectations that Canadian institutional investors would like to approach the legal and regulatory platform to seek crypto investment. And further continues

“Fidelity Clearing Canada is pleased to offer our new solution, leveraging Fidelity’s global expertise and deep knowledge of digital assets for leading Canadian institutional investors.” – Mackenzie added”

Right now, cryptocurrency trading and custody solutions are available by the FCC, so all the portfolio managers, dealers, mutual funds, ETFs, and institutional investors can utilize the services of the firm legally. 

In the past, Canadian regulators showed much better support to the crypto sector. In 2021, they approved many crypto exchange-traded products. This shows that Canada is open to the Crypto Market.

Read also: Crypto Is not popular as people think: Australian Central Bank head