The Canadian Securities Administrators says crypto-trading platforms don’t necessarily fit the existing regulatory structure because some of their functions are similar to regulated exchanges but other functions are similar to dealers, custodians and clearing agencies.

Canadian regulators eye framework to cover crypto trading platforms

Regulators invite interested parties to submit written comments

The regulatory bodies that oversee Canada’s stock markets are seeking feedback on appropriate requirements for platforms that trade cryptocurrencies such as Bitcoin, Ethereum and Ripple.

The provincial regulators represented by the Canadian Securities Administrators and the Investment Industry Regulatory Organization of Canada published their proposed framework on Thursday.

READ MORE: Search into missing cryptocurrency from B.C.-based exchange turns up empty ‘cold wallets:’ Report

The CSA says crypto-trading platforms don’t necessarily fit the existing regulatory structure because some of their functions are similar to regulated exchanges but other functions are similar to dealers, custodians and clearing agencies.

The consultation paper invites interested parties to submit written comments on a variety of questions by May 15. The responses will help the regulators as they craft a new framework for crypto-trading platforms.

Among other things, the paper asks in its section on surveillance of trading activities if it’s appropriate for the platforms to set rules and monitor trading activities on their own marketplace.

The paper also asks what standards should be in place to limit the risk of crypto assets being lost or stolen and what type of insurance coverage the platforms should be required to obtain.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

New law introduced to make donating “easier for Canadians”

MP Dan Albas introduces crypto currency-favouring legislation

Update: Mother dead, youth in critical condition after carbon monoxide poisoning at Sandy Point Campground

The woman was found unresponsive insider her tent and the youth was taken via air ambulance to hospital

22nd annual Peachland World of Wheels show kicks off May long weekend

Sunday will 500 classic cars and over 10,000 attendees

Dropbike recycles busted bicycles at Kelowna recycling facility

Following procedures, around 30 unusable bikes were recycled as bike-sharing program leaves Kelowna

The Business of Cannabis: Chamber of Commerce release luncheon panellists

The next Chamber of Commerce luncheon panel is set

Kelowna RCMP interrogation video brings home reality in ‘visceral way’: former TRC chairman

Video of Mountie interrogating young Indigenous woman disclosing sexual abuse under fire

Update: Plan to see more smoke from South Okanagan wildfire

Richter Creek wildfire, 12 kilometres west of Osoyoos, is an estimated 400 hectares

Okanagan adventurer continues motorcycle trip around the world

Vernon local James Leigh recently completed the third of five legs of the journey, travelling through China and Kazakhstan

Riders “step up” their game at Coldstream Equestrian Clinic

Riders from across the Okanagan travelled to Coldstream to train for the 2019 55+ Senior Games, which take place in Kelowna this fall.

Canada’s parole officers say correctional system has reached breaking point

About half of Canada’s federal parole officers work inside penitentiaries and correctional institutions

Montreal researchers create audible hockey puck for visually impaired players

Three years ago, Gilles Ouellet came up with the idea for a puck that makes a continuous sound

Boy, 12, arrested after allegedly pulling a knife on another child at a Surrey park

The child was later released into his parents’ custody as Surrey RCMP continue their investigation

Former Greyhound bus drivers gather in the Okanagan for one last hurrah

Bash kicks off Friday in Penticton and runs until Sunday

ICBC urging drivers to slow down this May long weekend

Speed is number one cause of car crash fatalities: ICBC

Most Read