QuadrigaCX aftermath: Canada to create new regulations for cryptocurrency exchanges

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  • The Candian financial regulatory authorities are proposing to create new regulations for cryptocurrency exchanges.
  • Canadian regulatory bodies published a report asking the fintech community on how to develop these regulations.

After the QuadrigaCX debacle, the Canadian financial regulatory authorities are proposing to create new regulations for cryptocurrency exchanges. The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) published a report seeking advice from the fintech community on how these regulations could be developed.

They stated the purpose of the report as follows:

“Although DLT may provide benefits, global incidents point to crypto assets having heightened risks related to loss and theft as compared to other assets. Regulators around the world are currently considering important issues surrounding the regulation of crypto assets including the appropriate regulation of Platforms. The Canadian Securities Administrators (the CSA) and the Investment Industry Regulatory Organization of Canada (IIROC, and together with the CSA, we), have been engaged with regulators globally, through IOSCO and other innovation initiatives, to seek input on a variety of regulatory approaches that exist in this area.”
 

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