Fidelity gains approval to operate in Canada as a Bitcoin custodian

IIROC approved Fidelity Investments’ launch of an institutional-focused trading and custody platform for Bitcoin. This step will allow the asset manager to launch an ETF based on the first cryptocurrency.

Fidelity has already filed the corresponding application.

“The demand for investments in digital assets is growing rapidly, and institutional investors are seeking a regulated service to access this asset class,” said Scott Mackenzie, president of Fidelity Clearing Canada.

The platform launched by the firm will be the first of its kind in Canada. Bitcoin ETFs approved by local regulators will leverage the capabilities of US-registered custodians.

Earlier at Fidelity forecast Bitcoin to reach $100,000 by 2023.

In September, company representatives at a meeting with officials from the SEC presented arguments in favor of approving a spot Bitcoin ETF.

Earlier in February, Canada became the first in the world approved an ETF based on the first cryptocurrency. In April, regulators granted permission for launching similar Ethereum-based products.

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