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

Okanagan College to develop wellness strategy for drug use

The Kelowna campus has 28 employees trained in the use of naloxone.

UPDATE: Highway 97 now open at Drought Hill

A collision near Peachland has caused a backup in traffic on Highway 97

Homeless Osoyoos man allegedly doused in ice water while he slept

Community outraged at treatment of well-known homeless community member

Tips to keep your home safe during wildfire season

With wildfire season getting closer, the Penticton Fire Dept. offer tips to keep your home safe

Dust advisory in affect for Kelowna

Avoid roads with heavy vehicle traffic

Protective human chain forms around Victoria mosque for Friday prayer

Islanders stand arm-in-arm to show support in aftermath of New Zealand shootings

‘Families torn apart:’ Truck driver in fatal Broncos crash gets 8-year sentence

Judge Inez Cardinal told court in Melfort, Sask., that Sidhu’s remorse and guilty plea were mitigating factors

Pet Planet picks up Okanagan’s cannabis for pets

True Leaf Medicine International expands retail distribution to 3,500 stores worldwide

AquaVan comes to Okanagan Science Centre

200-litre mobile touch tank allows you to get up-close with marine invertebrates

Army of support behind Black Press saleswoman battling cancer

GoFundMe helps empower Sue Folliott’s fight

Boy who went missing from park remains largest probe in Victoria police history

The four-year old Victoria boy went missing without a trace on March 24, 1991

WestJet sticking with Boeing 737 Max once planes certified to fly

WestJet had expected to add two more of the planes this year to increase its fleet to 13

No joke: Kelowna’s first zero-waste grocery store to open April 1

Farm Bound Zero Waste has announced its opening date

Motorcyclist dies after three-vehicle crash on old Island Highway

Accident happened at 12:15 p.m. Friday near Country Club Centre in Nanaimo

Most Read