Canadian investment fund manager 3iQ hopes to attract Canadian retail investors with its regulated, publicly-traded Bitcoin (BTC) fund.

In a printing release on Nov. 28, 3iQ announced that it had filed a preliminary prospectus for its close-stop Bitcoin fund, which is expected to be available on the Toronto Stock Substitution afterwards this year. 3iQ chief executive Fred Pye told Cointelegraph:

"Nosotros expect to listing on the Toronto Stock Exchange in late December or early January. As a part of our side by side steps, we're hoping to go Canada's big banks on board. We're hoping that two or three of Canada'south biggest banks, specifically ones that want to pb in fintech infinite, volition bring together the syndicate group."

The Toronto-based visitor revealed that 3iQ filed the prospectus for the Bitcoin fund in relation to an initial public offering of Class A and Class F units at $ten each.

Pye, who previously worked as senior VP at Fidelity Investments Canada, added that retail investors have been showing a great deal of enthusiasm for 3iQ's Bitcoin fund, as the investments volition also be eligible for Canadian registered retirement savings plans and tax-free savings accounts.

3iQ appealed a negative ruling by Canada's markets regulator

In February, the Ontario Securities Committee ruled against 3iQ'due south proposal to launch its regulated Bitcoin fund. However, the firm appealed the decision and ultimately won approval from Canada's markets regulator to launch its BTC fund. Pye said at the fourth dimension:

"Over the past 3 years, we have worked actively with the OSC'south Investment Funds and Structured Products Co-operative to create an investment fund that we promise will allow retail investors the benefits of investing in Bitcoin through a regulated, listed fund."

Canadian blockchain industry salaries are amid the highest in the country

In Oct, a study from the Canadian Digital Chamber of Commerce showed that the average annual blockchain salary in Canada is more $98,000, making blockchain careers amongst the highest-paying in the land. The report also claims that Canada is well-positioned to become a global leader in the blockchain industry.

However, the ecosystem continues to face major challenges that include funding, lack of a regulatory environment, insufficient public instruction and little to no cooperation from banks and auditing services.