Crypto Exchanges – This month, the Canadian Securities Administrators (CSA) will tighten requirements for cryptocurrency exchanges operating in Canada. This follows the collapse of FTX, among other failings in the crypto industry. The CSA announced midway through last year that it required certain compliance “commitments” from unregistered crypto trading.
Cryptocurrency exchanges in Canada will soon have to meet stricter requirements, according to people familiar with the matter. This comes after the collapse of FTX and other failings in the crypto industry. The Canadian Securities Administrators (CSA) announced last year that it required certain compliance “commitments” from unregistered crypto trading.
The CSA declined to comment on the status of its pre-registration undertaking (PRU) regime, but said it would “publish additional details in the near future.”
The U.S. Securities and Exchange Commission has already accelerated its crackdown on crypto companies, settling charges with exchange Kraken and alleging that a stablecoin issued by Paxos is a security. Other G-7 countries like the U.K. and Canada are likewise increasing their efforts to police the industry in the wake of last year’s disaster.
Some Canadian industry players are worried about the possibility of onerous demands to acquire individual approvals from principal regulators in various territories, for instance. As it stands, some of Canada’s marketplace rules governing alternative trading systems are not passport-able to other jurisdictions.
This sudden change, driven primarily by the Ontario Securities Commission, could crush the Canadian crypto industry overnight, as it completely changes the rules.
The CSA’s recent move to strengthen its oversight of crypto trading platforms is likely to impact some of the large global exchanges operating in the country. Binance Canada, for example, has had run-ins with the OSC in the past.
U.S.-regulated crypto exchange Coinbase also operates in Canada under the purview of the Autorité des marchés financiers (AMF), the organization responsible for financial regulation in the Canadian province of Quebec.
Read more
- Academics from Stanford signed up to Sam Bankman-$250 Fried’s million bail agreement
- Cryptocurrency El Salvador to open a ‘Bitcoin Embassy in the United States 2023
- Crypto Ads Have Vanished From the Big Game a Year After the ‘Crypto Bowl’
- Is Investing in Cryptocurrency the Best idea for being Millionaire in 2023?
I am Andy Sonal,, We are a team of knowledgeable individuals who collaborate with you on the most recent news and information on the cryptocurrency and bitcoin industries. Our aim is to inform and educate our readers on the ins and outs of this dynamic sector.