Canada is likely to join the list of countries that are expected to approve stricter regulatory measures for the cryptocurrency industry, according to reports.
CSA has not given details regarding its future actions.
- The
Canadian Securities Administrators approved new legislation in December
2022, asking crypto exchanges that hold Canadian clients’ assets to
provide them with an appropriate custodian and segregate them from the
platform’s proprietary business.
- According to the agency,
crypto trading platforms that are registered or that have entered into a
pre-registration undertaking are prohibited from permitting Canadian
clients to trade or obtain exposure to any crypto asset that is itself a
security and/or a derivative.
- Anonymous crypto industry
executives stated for Coindesk that the new incoming legislation by the
Canadian government could have very negative consequences for crypto
companies in the country.
