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FP says OSC, others look to regulate crypto currencies

2019-03-15 09:28 ET - In the News

Also In the News (C-*ASC) Alberta Securities Commission
Also In the News (C-*BCSC) BC Securities Commission
Also In the News (C-*QSC) Quebec Securities Commission

The Financial Post reports in its Friday edition that Canada's securities watchdogs said Thursday that they are considering a new framework to address the risks posed by the websites and companies that have popped up to allow investors to buy and sell bitcoin and other digital currencies. The Post's Geoff Zochodne writes that there are more than 2,000 crypto assets trading on more than 200 platforms worldwide, a joint consultation paper from the Canadian Securities Administrators and the Investment Industry Regulatory Organization of Canada says. Some of those platforms may already be subject to securities regulation -- and may have traits similar to investment dealers and exchanges -- but none is recognized as an exchange or authorized to operate as a marketplace or dealer in Canada. "Where securities legislation applies to Platforms we are considering a set of tailored regulatory requirements for them to address the novel features and risks (the Proposed Platform Framework)," the paper says. The plan from regulators follows incidents such as the one that befell leading Canadian crypto exchange QuadrigaCX, which filed for creditor protection after its founder died in December leaving investors in the lurch.

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