Fun

Canadian regulators are looking to investor protection with stablecoin rules — CIRO

News Feed - 2024-08-14 06:08:00

Turner Wright2 hours agoCanadian regulators are looking to investor protection with stablecoin rules — CIROCIRO executive Suzanne Lasrado offered her opinion on the regulatory guidelines affecting Canadian stablecoin users at the Blockchain Futurist Conference.411 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onAccording to a Canadian self-regulatory organization executive, securities regulators’ tightened requirements on stablecoins are “grounded in core investor protection.”


Speaking on a panel at the Blockchain Futurist Conference in Toronto on Aug. 13, Suzanne Lasrado, vice president of member services and innovation at the Canadian Investment Regulatory Organization (CIRO), suggested the requirements on digital assets released by the Canadian Securities Administrators (CSA) in 2023 may have been necessary for investor protection in Canadian markets. The rules, affecting many exchanges offering services to Canadians, led to the exodus of firms, including Binance, but prompted others like Gemini to adhere to the updated guidelines.


“If we look at the actual substance of what the CSA is imposing as conditions — offering stablecoins, or value-referenced crypto assets as they’re calling it — they are grounded in core investor protection and fair disclosure principles,” said Lasrado. “It is what is held investor protection from a securities standpoint it would stand in Canada. I’m sure that was what the CSA was thinking about when they put a lot of those conditions in place.”Blockchain Futurist Conference in Toronto on Aug. 13. Source: Sam Bourgi


According to the CSA rules published in February 2023, crypto trading platforms operating in Canada need the regulator’s “prior written consent” before users can buy or deposit stablecoins. In July 2023, the Canadian regulatory issued guidance for investment firms holding digital assets, prohibiting managers from lending assets that are not securities.


Related:Canada needs to overhaul crypto regulations — Coinbase exec


Under the CIRO and CSA, crypto trading platforms in Canada have been operating under an interim period since 2021 and are nearing the deadline to register fully as investment dealers. Many firms, including Coinbase Canada, are listed as CSA-compliant and “authorized to do business with Canadians.” 


Magazine:Your guide to crypto in Toronto: Crypto City# Canada# Security# Investments# Stablecoin# RegulationAdd reaction

News Feed

Turner Wright3 hours agoDelaware authorities refer fake BlackRock XRP trust filing to state’s Justice DepartmentState authorities may investigate the fake BlackRock “iShares XRP Trust” registration following a refe
Retail crypto market growth in Canada driven by market factors, regulation
Derek Andersen2 hours agoRetail crypto market growth in Canada driven by market factors, regulationCrypto platform WonderFi has swallowed up several of its competitors in Canada and expects to reap the benefits.435 Total
Bitcoin daily withdrawals challenge records as $2B leaves exchanges
William Suberg8 hours agoBitcoin daily withdrawals challenge records as $2B leaves exchangesBitcoin is exiting exchanges at the fastest pace since mid-2021 and is on track to set new historic records in U.S. dollar terms
Binance Experiences Significant BTC, ETH, and Stablecoin Withdrawals Following CFTC Lawsuit
Binance Experiences Significant BTC, ETH, and Stablecoin Withdrawals Following CFTC Lawsuit After the U.S. Commodity Futures Trading Commission sued Binance for alleged violations
Savannah Fortis9 hours agoSam Bankman-Fried trial: former Alameda CEO Caroline Ellison to testifySam Bankman-Fried’s former love interest and CEO of Alameda Research, Caroline Ellison, is expected to testify in court,
Video Game Retail Giant Gamestop Seeks a Senior Engineer for Blockchain NFT Platform
Video Game Retail Giant Gamestop Seeks a Senior Engineer for Blockchain NFT Platform The American video game, consumer electronics, and gaming merchandise retailer, Gamestop, is se
End of Western Union Remittance Service to Cuba a Boon for Crypto
End of Western Union Remittance Service to Cuba a Boon for Crypto As new U.S. government measures that impose restrictions on remittances to Cuba becomes effecti
Joe Hall11 hours agoHow big is Bitcoin in Lugano? Decentralize with Cointelegraph goes to BTC schoolAdam Back, Paolo Ardoino and enthusiastic students from all over the world share insights on Bitcoin school as well as c
Zimbabwe Central Bank: Gold Coin Sales to Commence in Late July
Zimbabwe Central Bank: Gold Coin Sales to Commence in Late July Starting on July 25, the Zimbabwean public will be able to buy and hold gold coins which weigh one troy ounce each.
Helen Partz12 hours agoTop Binance execs in Russia leave as firm considers exiting the marketBinance VP Eastern Europe Gleb Kostarev and CIS director Vladimir Smerkis have announced they have quit the company.5071 Total
Bitcoin Dominance To Peak At 68% – Altcoin Season Incoming?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Tom Mitchelhill7 hours agoIRS investigating crypto traders using Puerto Rico tax breaks: Report“The noose is tightening” for wealthy Americans suspected of exploiting Puerto Rico’s relaxed tax regime.3477 Total vie