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Over the years, governments have tried to legislatively regulate the circulation of cryptocurrencies, but all the attempts were unsuccessful. Digital currencies proved to be a challenge for global regulators. However, the situation is now changing.
On Tuesday, January 21, the Canadian Securities Administrators (CSA) unveiled a new document with a series of laws applicable to the country's cryptocurrency exchanges. The new guidance addresses a variety of nuances of the cryptocurrency industry. According to the document, online platforms offering users to trade digital assets, that are securities or derivatives, will have to abide by the Canadian laws.
The new laws also cover online platforms that trade contracts or instruments based on crypto assets. These requirements also apply to platforms that facilitate buying or selling digital assets, including those that could be listed on exchanges. Canadian cryptocurrency exchanges that maintain control of customer funds are also subject to such laws, even if they do not trade assets considered securities or derivatives.
The CSA stresses that foreign platforms which work with Canadian residents must comply with the new requirements as well. Otherwise, the regulator will have to take appropriate measures against such platforms.
Canada has been tightening its regulatory grip on cryptocurrency exchanges since July 2019. As a result, digital platforms are required to register and report transactions worth 10,000 Canadian dollars or over.
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