Canadian Securities Administration to Tighten Regulations on Cryptocurrency Exchanges
It is reported that, according to two people familiar with the plan, the Canadian Securities Administration (CSA) will tighten the requirements for the cryptoc…
It is reported that, according to two people familiar with the plan, the Canadian Securities Administration (CSA) will tighten the requirements for the cryptocurrency exchange operated in the country later this month. CSA announced in the middle of last year that it required unregistered cryptographic trading platforms operating in Canada to make certain compliance “commitments” when seeking registration. CSA declined to discuss the update of the pre-registration commitment (PRU) system, but said it would “publish more details in the near future”.
The Canadian Securities Administration will tighten its requirements for the country’s cryptocurrency exchange
Interpretation of the news:
According to sources familiar with the matter, the Canadian Securities Administration (CSA) is set to impose more stringent requirements on cryptocurrency exchanges operating within the country later this month. The CSA had previously announced in 2019 that unregistered cryptographic trading platforms in Canada were required to make compliance “commitments” when seeking registration. However, it remains unclear what the updated pre-registration commitment (PRU) system will entail.
This move by the CSA comes as no surprise as many countries around the world have been ramping up their efforts to regulate the cryptocurrency market. With the growing popularity of cryptocurrencies, governments are becoming increasingly concerned about their potential use in illegal activities such as money laundering and tax evasion. As such, regulators are seeking to implement measures that will make it more difficult for illegal activities to be conducted using cryptocurrencies.
It is worth noting that many legitimate cryptocurrency exchanges in Canada have already taken steps to comply with existing regulations. For example, Canadian cryptocurrency exchange Coinsquare recently announced that it had received regulatory approval from the Ontario Securities Commission (OSC) to operate as a marketplace for digital assets. The approval marked a significant milestone for Coinsquare and the Canadian cryptocurrency industry, as it was the first time a digital asset trading platform had been granted regulatory approval in Canada.
While the exact details of the updated PRU system are yet to be revealed, it is expected that the new regulations will make it even more difficult for unregistered cryptocurrency exchanges to operate in Canada. The move is part of a broader push by the CSA to tackle the risks associated with cryptocurrencies and ensure that the market operates in a safe and transparent manner.
In conclusion, the tightening of regulations on cryptocurrency exchanges in Canada is a welcome move and will help to protect investors and prevent illegal activities. However, it is important to strike a balance between regulation and innovation to ensure that the cryptocurrency market continues to grow and thrive. Moving forward, it will be interesting to see how other countries around the world approach regulating this rapidly evolving market.
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