Fidelity receives the green light to launch its first institutional bitcoin solution, custody and exchange services in Canada. We can see more in today’s latest bitcoin news.

Canada has Canada’s crypto investment industry regulator as the watchdogs give Clearing Canada approval to launch a new institutional digital asset service. Canada showed an open-minded approach to the crypto industry late last year when it announced a new set of rules a few months ago and approved a number of BTC ETFs in 2021.

The country will have its first IIROC, according to the announcement. The new regulatory-approved product will offer digital asset trading and custody solutions for first-time institutional investors. However, the company intends to apply for a BTC mutual fund and ETF that retail investors can participate in. The statement reads:

“Using this new platform, Fidelity Investments Canada ULC has submitted preliminary prospectuses for the Fidelity Edge Bitcoin ETF and the Fidelity Gain Bitcoin ETF Fund.”

When Fidelity gave the go-ahead for its first institutional BTC solution, it stated that the adoption of the FCC comes due to the growing demand for crypto assets around the world as well as from institutions, and there is keen interest in the asset class in Canada.

FCC Chairman Scott Mackenzie believes that institutional investors in Canada have been looking for a regulated dealer platform and have had access to this asset class for some time, which is a new solution. Mackenzie added:

“Fidelity Clearing Canada is excited to offer Canada’s leading institutional investors our new solution, leveraging Fidelity’s global expertise and in-depth knowledge of digital assets.”

The FCC’s institutional cryptocurrency and custody solution is live and can be accessed by portfolio managers, mutual funds, traders, ETFs and other institutional investors. Fidelity is one of the leaders in the adoption of cryptocurrencies as it launched several products in Europe and the US over the past year. The company launched a survey of institutional investors and concluded that 70% of them plan to buy digital assets in the near future.