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ARTICLE · 12 SEPTEMBER 2017

CSA Offers (Some) Clarification On Cryptocurrency Offerings And ICOs

Aird & Berlis LLP
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Raising capital is crucial to business development. That is why cryptocurrency entrepreneurs have reason to be cautious following the recent Canadian Securities Administrators (CSA) notice...

CanadaCorporate/Commercial Law
Aird & Berlis LLP
Aird & Berlis LLP
Graham Topa
Graham Topa
Jesse Waslowski
Jesse Waslowski
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Raising capital is crucial to business development. That is why cryptocurrency entrepreneurs have reason to be cautious following the recent Canadian Securities Administrators (CSA) notice, which CBC has reported on. The CSA notice explains how securities regulators in Canada perceive cryptocurrencies and outlines which securities laws apply to various cryptocurrency offerings. While some Initial Cryptocurrency Offerings (ICOs) are equivalent to securities offerings, others are more akin to selling currencies. The CSA recognized this distinction and tried to strike a balance.

It is important that the CSA has recognized this distinction because of the stringent reporting obligations which accompany an offering of securities. If all cryptocurrency offerings were securities offerings, the reporting requirements could stifle financial innovation. If no cryptocurrency offerings were securities offerings then investors would not be adequately protected.

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