law and legislation

Canada’s First Ever Blockchain – Based ETF Approved

Harvest Portfolio has just been delivered the green card of approval to issue the first Blockchain based Exchange Traded Fund in Canada. According to the press release, after extensive internal testing, the fund will launch trading on Toronto Stock Exchange from next week.

The Harvest Blockchain Technologies Index that is already formed by Harvest Portfolios is designed to follow-up the performance of issuers in both the large-cap and coming Blockchain segments.

The approval is good news for two other firms, First Trust Portfolios Canada and Evolve Funds Group Inc., who have already filed for similar ETFs. First Trust’s ETF manager Karl Cheong said that “every conversation with clients inevitably” leads to questions regarding Bitcoin and Blockchain investments.

The movement is very different from US regulators which added out that funds of that kind are not ready for regulation.

Director of the US Securities and Exchange Commission’s or SEC investment management group stated that SEC has:

significant outstanding questions concerning how funds holding substantial amounts of cryptocurrencies and related products” would satisfy legal requirements in the US.