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Regulation

Canada seeks feedback regarding Proposed Platform Framework to regulate crypto asset platforms

Canadian financial regulators are looking into possible regulatory framework for crypto assets and blockchain platforms, Investment Industry Regulatory Organization of Canada wrote in a statement. It has published a joint Consultation Paper with The Canadian Securities Administrators (CSA).

The regulators are seeking feedback from the fintech community, investors and other stakeholders regarding the possible regulations of Canadian crypto-asset trading platforms that operate under securities law. According to CSA Chair and President Louis Morisset, platforms are interested in the introduction of a tailored regulatory framework as it would help them “build consumer confidence and expand their businesses across Canada and globally.”

“The emergence of digital and crypto assets continues to be a growing area of interest for regulators, investors and marketplaces—and, together, securities regulators are taking steps to deepen our understanding of this area,” said Andrew J. Kriegler, President and CEO, IIROC. “We must adapt to innovation, and provide clarity to the market about how regulatory requirements might best be tailored and applied to these unique business models, while maintaining investor protection.”

The CSA and IIROC are looking into creating a tailored regulatory framework to address “novel” risks that come from trading crypto assets. All interested parties are welcome to submit comments to the Consultation Paper until May 15.