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ARTICLE · 20 MAY 2025

Codifying Crypto: Changes To National Instrument 81-102 Regarding Investments In Crypto Assets

McMillan LLP
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On April 17, 2025, the Canadian Securities Administrators ("CSA") announced the adoption of amendments to National Instrument 81-102 – Investment Funds ("NI 81-102") and related changes...

CanadaTechnology
Jennie Baek
Jennie Baek
Karan Lall (Articling Student)
Karan Lall (Articling Student)
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On April 17, 2025, the Canadian Securities Administrators ("CSA") announced the adoption of amendments to National Instrument 81-102 – Investment Funds ("NI 81-102") and related changes to its companion policy (collectively, the "Amendments") regarding investments in crypto assets by reporting issuer investment funds ("Public Crypto Asset Funds"). NI 81-102 does not currently contain specific provisions relating to investments in crypto assets.

The Amendments seek to clarify the regulatory standards applicable to Public Crypto Asset Funds by codifying certain practices and standards developed through the prospectus review process and previously granted exemptive relief decisions. Provided all necessary ministerial approvals are obtained, the Amendments are set to come into force on July 16, 2025.

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The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

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