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.
“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 basically work to provide 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.