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ARTICLE · 09 SEPTEMBER 2022

Crypto-Compliance: The OSC'S New Pre-Registration Requirements

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On the heels of escalated efforts by the Ontario Securities Commission (OSC) to commence enforcement proceedings against crypto trading platforms (CTPs or platforms) that operate...

CanadaTechnology
David Kelman
David Kelman
Beth Burnstein
Beth Burnstein
Kiyan Jamal
Kiyan Jamal
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INTRODUCTION

On the heels of escalated efforts by the Ontario Securities Commission (OSC) to commence enforcement proceedings against crypto trading platforms (CTPs or platforms) that operate in Ontario without having engaged with the OSC regarding registration,1 the Canadian Securities Administrators (CSA) issued a news release dated August 15, 2022, announcing CTPs are now expected to provide a pre-registration undertaking to the OSC if they intend to continue operations while their application for registration is being reviewed. Failure to do so may lead to disciplinary action from the CSA.

In addition to the CSA's announcement, the OSC published the first pre-registration undertakings, filed by Coinsquare Capital Markets Ltd. (Coinsquare) and Foris Dax, Inc. c.o.b. Crypto.com (Crypto.com and, together, the Filers), which provides valuable insight into the types of undertakings that may be required of other CTPs going forward.

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