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

COLUMN: Get your paddle on in Vernon

Columnist Carole Fawcett has been missing the ability to paddle the area’s lakes

July is ‘Unused Medication Return Month’ in Vernon

CMHA Vernon & District partners with Shuswap North Okanagan Division of Family Practice for Medicine Return Project

Unexpected snow on Okanagan Connector, Pennask Summit

As of 6:50 a.m. DriveBC cameras displayed surprise snowfall on highway

Coldstream weighs in rail trail parking development

“It was a great evening to interact with the community and hear the input for the property”

Okanagan-Shuswap weather: chance of rain

Environment Canada is calling for a risk of thunderstorms tonight

VIDEO: Weekday weather update for the Okanagan Valley

Snow is expected on the Okanagan connector and thunderstorms across the Valley

Spikeball tournament sets up for Okanagan summer

The tournament for the four-player beach game comes July 13 in Kelowna

Driver loses tire while behind the wheel after lug-nut thief strikes in Burnaby

Burnaby RCMP are investigating after two reports of lug-nut tampering in the city this month

Federal cabinet ministers visit Edmonton, Calgary, in wake of TMX approval

Natural Resources Minister Amarjeet Sohi is set to visit Trans Mountain Corp.’s terminal in Edmonton

B.C. municipality prepares to forbid overnight camping by homeless despite court ruling

While courts have ruled against blanket bans, Langley City is employing a site-by-site approach

B.C. auditor says Indigenous grad rate highest ever but education gaps exist

The percentage of Indigenous students graduating from B.C. public high schools has hit its highest level ever

Statistics Canada reports annual pace of inflation rises in May to 2.4%

Transportation prices gained 3.1 per cent as the cost of air transportation added 8.9 per cent

Beekeepers from Argentina find sweet success in Shuswap

Honey Onyx Apiary is hoping to increase its operations by 200 hives this year

UPDATE: BC Wildfire crew spotted small wildfire in the South Okanagan

BC Wildfire has listed a new blaze, west of Penticton

Most Read