Fidelity Becomes the First Institutional BTC Custodian in Canada Following the Approval of Regulators

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As per the report published by The Globe and Mail, Fidelity Clearing Canada (FCC) now officially stands as the inaugural institutional Bitcoin (BTC) custodian in Canada following regulators’ approval, specifically the country’s Investment Industry Regulatory Organization.

Before this particular development, Canada-based institutional investors, such as exchange-traded funds (ETFs) and mutual funds, were forced to get a hold of US-based custodians before they could invest in BTC. With the launch of FCC, these hurdles are gone as Canadian investors now have the opportunity to invest in the asset class without the need for intermediaries.

According to the president of FCC, Scott Mackenzie, the demand for digital asset investments is growing more and more with each passing day. As a result, institutional investors are now becoming desperate for a regulated custodian platform that would give them direct access to such asset classes. The FCC intends to do just that, now that it has successfully cleared the regulatory hurdle to be the first of its kind in Canada.

The report also notes that FCC plans to cater to retail investors, evidenced by its recent regulatory filing for a BTC-based mutual fund and ETF product earlier this week. FCC reportedly has more than 209 billion CAD (roughly 166 billion USD) in assets under management (AUM). In contrast, Fidelity itself has over $4.2 trillion in AUM worldwide.

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