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ARTICLE · 22 DECEMBER 2022

Canada's Crackdown On Crypto: An Overview Of Cryptocurrency Regulation And Enforcement

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On November 21, 2022, the Canadian Securities Administrators (CSA) issued a reminder, warning that trading in crypto assets "comes with elevated levels of risk".

CanadaTechnology
James G. Kosa
James G. Kosa
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On November 21, 2022, the Canadian Securities Administrators (CSA) issued a reminder, warning that trading in crypto assets "comes with elevated levels of risk".1 The CSA noted that "the value and liquidity of crypto assets are highly volatile".2 The CSA's communication follows the statement of senior financial regulators on November 16, 2022, relating to entities engaged in crypto-asset activities or crypto-related services. The Office of the Superintendent of Financial Institutions (OSFI), the Financial Consumer Agency of Canada (FCAC) and the Canada Deposit Insurance Corporation (CDIC) issued a statement to regulated entities reinforcing the regulatory expectation that will take the appropriate measures to understand and properly address the risks of "crypto-asset activities".3 Neither the CSA nor the federal agencies specifically mention the recent steep decline of the prices of crypto assets nor the dramatic bankruptcy of FTX, widely considered to be the world's

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