On March 14, 2019, the Canadian Securities Administrators (CSA)
and the Investment Industry Regulatory Organization of Canada
(IIROC) published Consultation Paper 21-402 Proposed Framework for
Crypto-Asset Trading Platforms [PDF] (the Consultation
Paper) proposing a regulatory framework for platforms (Platforms)
that trade cryptoassets (the Framework). The Consultation Paper
notes that over 200 Platforms currently offer trading of over 2,000
cryptoassets for fiat currency, many of which operate globally and
without any regulatory oversight.
The Framework proposes to establish a regulatory regime for
Platforms which draws upon the requirements applicable to
securities and commodity futures exchanges, alternative trading
systems (ATSs), clearing agencies, custodians and dealers. The
requirements applicable to a particular Platform will depend on the
role of the Platform and on the nature of the cryptoassets traded,
including whether such cryptoassets are securities
