In recent months, we have observed a tightening of the operating conditions of cryptocurrency exchange platforms around the world. And Canada is not left out, since the local regulator has just put a brake on the ecosystem, with new strict rules. What do we impose on them now?
Canadian regulator sets new rules for exchanges
The announcement fell a few days ago: the Canadian Securities Administrators, or CSA, decided of “improve» what is expected from Canadian cryptocurrency exchanges. The regulator indicates that it wants to better protect consumers, by imposing particularly strict new rules on exchanges.
“Recent insolvencies involving several crypto asset trading platforms have shown the enormous risks associated with trading crypto-assetsespecially when it takes place on an unregistered platform based outside of Canada.»
Hence a first requirement: exchange platforms now have less than a month to register, in order to continue to offer their services in Canada. They will also have to stop certain servicesthe time that the regulator examines their file.
They will therefore no longer be able to offer credit services, leverage effects, or margin trading. Moreover, holding and selling stablecoins is also prohibiteds, unless the prior consent of the CSA is obtained. It is this last point in particular that could create difficulties for companies, as stablecoins are often considered the backbone of cryptocurrency exchanges.
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Platforms cut off from the Canadian market?
Platforms that will not comply with these requirements by March 23 will be cut off from the Canadian market :
“Whether [une plateforme d’échange] unable or unwilling to provide these enhanced commitments prior to its registration, CSA will take steps to disembark users and impose restrictions that will prevent Canadian users from accessing its products and services.»
In conclusion, the Canadian regulator urges users to be cautious, judging that cryptocurrency exchanges present “high levels of risk“, and that they “may not be suitable for many investors, including retail».
Canada’s crypto ecosystem has already come under fire from particularly strict rules in recent months. Last summer, we learned that certain cryptocurrencies now had a purchase limit of $30,000. And the Canadian Securities Administrators (CSA) had already banned futures contracts and margin trading last December.
These new rules are therefore in line with what the country has imposed in recent months. Canada is becoming one of the strictest countries with regard to cryptocurrencies, mirroring its American neighbor, which has also gradually tightened the screw in recent months.
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Source: Ontario Securities Commission, press release
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