Canadian Securities Administrators Extend Compliance Deadline In Interim Approach To Value-Referenced Crypto Assets

On April 17, 2024, the Canadian Securities Administrators (CSA) provided an update to their interim approach in respect of "Value-Referenced Crypto Assets" (VRCAs), as set out in the CSA's guidance in Staff Notice 21-333 – Terms and Conditions for Trading Value-Referenced Crypto Assets with Clients ("SN 21-333"). Further details concerning SN 21-333 can be found in our Updates, Canadian Securities Administrators Announce Guidance on Trading of Value-Referenced Crypto Assets for Crypto Trading Platforms and Canadian Securities Administrators Announce Enhanced Pre-Registration Undertaking Requirements for Crypto Trading Platforms.

In SN 21-333, the CSA set a deadline of April 30, 2024, after which registered crypto trading platforms (CTPs), or CTPs that provided a pre-registration undertaking, could no longer allow their clients to buy or deposit VRCAs that seek to replicate the value of a single fiat currency (FBCAs), unless such FBCAs comply with the interim terms