Canada considers developing a regulatory regime for crypto exchanges

Regulation • July 16, 2019, 4:30AM EDT
UPDATED: July 16, 2019, 5:52AM EDT
The Block

The Canadian Securities Administrators (CSA) is considering developing a “tailored and effective” regulatory regime for cryptocurrency trading platforms that are subject to securities or derivatives regulations.

The proposal is part of the CSA’s business plan for 2019-2022, which outlines the regulator's priorities over the next three-year period for investor protection.

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“Crypto-assets are probably the most well-known and widespread application of blockchain. The CSA will consider possible changes to adapt the current regulatory framework to address the unique challenges brought by crypto-assets,” the plan states.

The CSA will work to provide basic regulatory clarity in the cryptocurrency industry as currently no platforms are regulated in the country.

Last week, the Canadian government also mandated cryptocurrency exchanges to report every transaction over CAD$10,000 (in fiat or cryptocurrency), effective June 1, 2020. 

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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