The Canadian Securities Administrators says crypto-trading platforms don’t necessarily fit the existing regulatory structure because some of their functions are similar to regulated exchanges but other functions are similar to dealers, custodians and clearing agencies.

Canadian regulators eye framework to cover crypto trading platforms

Regulators invite interested parties to submit written comments

The regulatory bodies that oversee Canada’s stock markets are seeking feedback on appropriate requirements for platforms that trade cryptocurrencies such as Bitcoin, Ethereum and Ripple.

The provincial regulators represented by the Canadian Securities Administrators and the Investment Industry Regulatory Organization of Canada published their proposed framework on Thursday.

READ MORE: Search into missing cryptocurrency from B.C.-based exchange turns up empty ‘cold wallets:’ Report

The CSA says crypto-trading platforms don’t necessarily fit the existing regulatory structure because some of their functions are similar to regulated exchanges but other functions are similar to dealers, custodians and clearing agencies.

The consultation paper invites interested parties to submit written comments on a variety of questions by May 15. The responses will help the regulators as they craft a new framework for crypto-trading platforms.

Among other things, the paper asks in its section on surveillance of trading activities if it’s appropriate for the platforms to set rules and monitor trading activities on their own marketplace.

The paper also asks what standards should be in place to limit the risk of crypto assets being lost or stolen and what type of insurance coverage the platforms should be required to obtain.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Flags lowered in honour of the late Bill McRae

Community leader, businessman passed away July 9

LETTER: Terrace mayor cites Bill McRae’s accomplishments

“Hard work and incredible character became a gift to the City of Terrace.”

Royal LePage Aspire Realty buys office in Terrace

Owner Rod Mcleod said the move will increase connectivity in northern B.C.

Ferry Island Campground in Terrace now open to out of province visitors

Decision based on recommendations from the provincial government

Infinite Ice’s holistic hockey program returning to Terrace in August

COVID-19 precautions in place for on-ice training, meditation, yoga and nutrition classes

Recent surge in COVID-19 cases not unexpected amid Phase Three of reopening: B.C.’s top doc

Keep circles small, wear masks and be aware of symptoms, Dr. Bonnie Henry says

B.C. health officials pleased with likely extension of Canada-U.S. border closure

Health Minister Adrian Dix says the situation is ‘very serious in the United States’

Children suffer swollen eyes, burns while playing at Lower Mainland spray park

Mission RCMP are investigating incident that injured several children

B.C. NDP changing WorkSafeBC regulations to respond to COVID-19

Employers say reclassifying coronavirus could be ‘ruinous’

Baby raccoon rescued from 10-foot deep drainage pipe on Vancouver Island

‘Its cries were loud, pitiful and heartbreaking,’ Saanich animal control officer says

Statistical flaws led to B.C. wolf cull which didn’t save endangered caribou as estimated

Study finds statistical flaws in an influential 2019 report supporting a wolf cull

Windows broken, racist graffiti left on Okanagan home

Family says nothing like this has happened since they moved to Summerland in 1980s

B.C. man who went by ‘Doctor Ray Gaglardi’ charged with sex assault of teenage boys

The man, 75, is accused of assaulting teenage boys he met through Coquitlam-area churches

B.C.’s potential deficit $12.5 billion as spending spikes, taxes drop

Finance Minister Carole James gives COVID-19 outlook

Most Read