Canadian Financial Authorities Look For Input On Crypto Regulation
Nicholas Ruggieri's original article for www.ethnews.com reduced by 59%
Two Canadian financial authorities have published a consultation paper to solicit feedback from the country's FinTech community, market participants, and investors regarding the implementation of regulatory frameworks for Canadian cryptocurrency platforms. Published jointly by the Canadian Securities Administrators and the Investment Industry Regulatory Organization of Canada, the two financial authorities note that Canadian crypto platforms have informed them that a regulatory environment is welcome in order to help "Build consumer confidence." The most the CSA has done regarding crypto is remind investors of the inherent risks associated with cryptocurrency futures contracts and emphasize the need for caution when investing with crypto asset trading platforms. The publication focuses on tailoring the creation of crypto regulation to better suit the "Novel features" associated with crypto platforms.
Though the two financial authorities wish to create a regulatory framework, they don't expect every piece of regulation to be created from scratch. The paper outlines steps taken by the US, Singapore, Hong Kong, Malaysia, the European Financial Instruments Directive, and the European Securities and Markets Authority to create crypto regulator frameworks. The paper specifically asks respondents to suggest any global approaches that would be appropriate for the Canadian authorities to consider and implement.
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