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ARTICLE · 14 JULY 2022

Canadian Crypto Update – Ontario Enforcement Up, Regulatory Stance Hardens

Osler, Hoskin & Harcourt LLP
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On May 30, 2022, Virgo CX Inc. received regulatory approval from the CSA to operate a CTP in Canada.

CanadaTechnology
Matthew T. Burgoyne
Matthew T. Burgoyne
Laure Fouin
Laure Fouin
Lawrence Ritchie
Lawrence Ritchie
Terence W. Doherty
Terence W. Doherty
Asad Akhtar
Asad Akhtar
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In Canada, the Canadian Securities Administrators (CSA) have made considerable progress in standardizing a regulatory framework for crypto asset trading platforms (CTPs), as reflected by the recent registration and enforcement decisions discussed below. Given the recent volatility and events in the digital asset markets, the relative certainty afforded by this framework may provide welcome stability for crypto asset businesses seeking registration and may serve as a cautionary note for those CTPs which are operating in Canada and have not yet taken steps to become registered.

CTP registration trends

On May 30, 2022, Virgo CX Inc. (VirgoCX) received regulatory approval from the CSA to operate a CTP in Canada. VirgoCX is the seventh CTP1 to become registered as a restricted dealer under the CSA's "interim" restricted dealer framework (this framework was previously discussed in our blog post on osler.com) and its registration closely mirrors the regulatory approval r

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