The Canadian Securities Administrators on 22 February issued new guidelines for the local crypto industry. Crypto exchanges and other companies will now be required to follow custody rules for investors’ protection. The Canadian Securities Administrators yesterday (22 February) issued a press release outlining new guidelines for the local crypto industry. It warned cryptocurrency exchanges and […]
The Canadian Securities Administrators on 22 February issued new guidelines for the local crypto industry.
According to the new guidelines, crypto asset trading platforms wishing to operate in Canada must make these commitments via a pre-registration process while working on their actual registrations. Recent insolvencies involving several crypto asset trading platforms, according to CSA Chair Stan Magidson, highlight the tremendous risks associated with trading crypto assets, particularly when conducted on unregistered platforms based outside of Canada.Unregistered crypto trading platforms now have 30 days to publish a revised pre-registration undertaking, which may be posted on the CSA’s website, according to the notice.
According to the notice, crypto trading platforms are not permitted to allow Canadian clients to enter into crypto contracts to buy and sell any crypto asset that is itself a security and/or a derivative.
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