Canadian securities regulators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) опубликовали a regulatory framework for crypto firms to comply with regulatory requirements.
The guidance lays the groundwork for managing risks associated with digital assets, including transparency, price definition, and standards for insurance and custody.
The document shows how existing regulation can be “adapted” to dealers and marketplaces on the crypto markets. In both cases, regulators recommend registration as a limited liability company on the condition that they do not offer or use leverage. Regulators plan to propose a long-term approach.
In cases where the marketplace functionality contemplates an exchange, regulators will consider on a case-by-case basis whether to recognise the platform as an exchange or to grant it temporary relief from that status.
The issue of settlement and clearing remains unresolved.
We will consider the specific risks associated with clearing functions to determine whether cryptocurrency trading platforms should be recognised as clearing houses or exempt from this. What conditions must be met in the second case, as noted in the document.
The status of platforms and participants trading over-the-counter derivatives remains unsettled. Regulators plan to address this gap in the future.
The document contemplates that, over time, crypto firms may gain representation on IIROC.
The publication of a 2019 consultative report preceded the regulatory release, which drew 52 comments from interested parties.
In March, Canada updated the rules for verifying cryptocurrency holders.
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