Canada’s general market regulator, Securities Administrators of Canada (CSA), said it will operate in the country later this month, according to two sources briefed on the plans. cryptocurrency will tighten requirements for exchanges.
The CSA declined to discuss updates to its pre-registration commitment (PRU) regime, but said it would “release additional details in the near future.”
The SEC has already begun to step up its crackdown on crypto companies, adjudicating charges related to the Kraken exchange, and claiming that a stablecoin issued by Paxos is a security.
Sources: “Crypto Industry In Canada Will Be Crushed Overnight”
“This PRU update was primarily driven by the Ontario Securities Commission and will crush the Canadian crypto industry overnight as the CSA completely overturns its self-declared rules and structures, making it too expensive to do business in Canada. ” said.
Canadian industry representatives are concerned about the possibility of onerous requests for individual approvals from major regulators in various regions.
The CSA’s strengthening of its oversight on crypto trading platforms will affect some of the major global exchanges operating in the country. Binance Canada, for example, has had issues with OSC in the past.
The US-regulated crypto exchange Coinbase also operates in Canada under the jurisdiction of Autorité des marchés financiers (AMF), the agency responsible for financial regulation in the Canadian province of Quebec.
Someone close to the matter said Coinbase has the legal right to switch from the AMF to Ontario’s OSC if it makes sense for the exchange.
*Not investment advice.
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