Near to Tightening Bitcoin Exchange Regulations in Canada 2023

Bitcoin Exchange – This month, Canada’s umbrella markets regulator, the Canadian Securities Administrators (CSA), will tighten requirements for cryptocurrency exchanges operating in the country. This comes after 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.

The CSA has declined to discuss updates to the pre-registration undertaking (PRU) regime, but said it would “publish additional details in the near future.”

Near to Tightening Bitcoin Exchange Regulations in Canada 2023
Near to Tightening Bitcoin Exchange Regulations in Canada 2023

The U.S. Securities and Exchange Commission has already begun accelerating its crackdown on crypto companies, settling charges with exchange Kraken and alleging that a stablecoin issued by Paxos is 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.

Industry players in Canada 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 update to the PRU was primarily driven by the Ontario Securities Commission and will crush the Canadian crypto industry overnight as it completely changes how business is done.

As the Canadian Securities Administrators (CSA) strengthens its oversight of crypto trading platforms, some of the large global exchanges operating in the country are feeling the heat. 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.

A source familiar with the situation said Coinbase is considering moving its operations from the AMF to the Ontario Securities Commission (OSC) if it would be more beneficial for the exchange.

A person familiar with the situation said Coinbase is considering a move from the AMF to Ontario’s OSC if it makes sense for the exchange.

Read More

Website | + posts

Welcome to Fluxnet-Canada! Our website is dedicated to providing the latest news and updates related to cryptocurrency. Our team of five members is committed to bringing you the most informative and educational content possible in Canada. Our website provides an extensive range of news articles, including topics such as blockchain technology, cryptocurrencies, exchanges, and regulations. We hope you find our website helpful and informative!

Leave a Comment