Head Of Bitcoin-Fund: Canada Is More Open To Cryptocurrencies Than USA
Sean Clark, the head of the first Canadian bitcoin mutual investment fund called First Block Capital, believes that the country is much more advanced in crypto policy than its neighbor, the US. He called Canada an ideal hub for developing of innovations, CCN reports.
Clark outlined the factors that, in his opinion, create favorable conditions for cryptocurrencies. Among them — openness, relentless education, and a political will. He is sure that the Canadian authorities understand the potential profit of blockchain and cryptocurrencies, besides they are traditionally ready to introduce new technologies.
In the United States, the situation is quite different: regulators take strict measures attempted to control the cryptocurrency ecosystem, and technologies are becoming increasingly isolated, the expert stated. He added that the Canadian authorities see this as an opportunity to draw skilled developers away to their country.
According to Sean Clark, the Canadian government is more open to dialogue. First Block Capital was created in close cooperation with local regulators. The head of the bitcoin-fund said that the Prime Minister of Canada is also interested in blockchain, and called the politician a key factor for promoting the technology among authorities. Earlier, Blockspoint published a review of crypto regulation in Canada.
At the same time, crypto companies and funds in Canada are subject to strict supervision and are audited by regulators. As CEO of First Block Capital explained, it facilitates the partnership between authorities and companies, and also protects investors from risks.
First Block Capital received the status of a mutual investment fund in early September 2018. It works similarly to ETF: here investors can purchase the equivalent of bitcoin and store it until they wish to redeem the funds.