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.
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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.”
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