First approval for bitcoin in N. America

Purpose Investments Inc. said Canadian securities regulators have cleared the launch of the Purpose Bitcoin ETF, making it the first to gain regulatory approval

in North America.

While this is set to be the first investment vehicle for bitcoin that’s officially labeled an exchange-traded fund, Europe boasts several “physically backed” bitcoin exchange-traded products that effectively function just like an ETF.

This isn’t the first time Canada has beat the U.S. in regulatory approval for ETFs. Canadians launched the first ETF ever and released marijuana-related funds prior to their southern neighbors. Industry participants say this is a positive sign for companies hoping to offer their own ETFs on a U.S. exchange.