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ARTICLE · 25 OCTOBER 2023

Crypto Asset Trading Platforms – Terms And Conditions For Trading VRCAs (Stablecoins)

Borden Ladner Gervais LLP
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On Oct. 5, 2023, the Canadian Securities Administrators (CSA) published Staff Notice 21-333 Crypto Asset Trading Platforms: Terms and Conditions for Trading Value-Referenced Crypto Assets with Clients...

CanadaTechnology
Carol Derk
Carol Derk
Iñaki Gomez
Iñaki Gomez
Julie Mansi
Julie Mansi
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On Oct. 5, 2023, the Canadian Securities Administrators (CSA) published Staff Notice 21-333 Crypto Asset Trading Platforms: Terms and Conditions for Trading Value-Referenced Crypto Assets with Clients (the Staff Notice), which expands on the CSA's views in the staff notice from Feb. 23, 2023 (CSA SN 21-332) that "Value-Referenced Crypto Assets" or "VRCAs", crypto assets that are designed to maintain a stable value over time by referencing the value of a fiat currency or any other value or right (or a combination of both), may constitute securities and/or derivatives in several jurisdictions.

In CSA SN 21-332, the CSA acknowledged that, despite the prohibition on the trading of crypto contracts in respect of crypto assets that are securities and/or derivatives, there may be uses for VRCAs by clients of registered crypto asset trading platforms (CTPs), including CTPs that provided a pre-registration undertaking (PRU) to the CSA in accordance with CSA SN 21-332.

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