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ARTICLE · 26 OCTOBER 2023

CSA Provide Further Guidance On The Regulation Of Stablecoins

McMillan LLP
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On October 5, 2023, the Canadian Securities Administrators ("CSA") published CSA Staff Notice 21-333 Crypto Asset Trading Platforms...

CanadaTechnology
Jennie Baek
Jennie Baek
Matthew DeAmorim
Matthew DeAmorim
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On October 5, 2023, the Canadian Securities Administrators ("CSA") published CSA Staff Notice 21-333 Crypto Asset Trading Platforms: Terms and Conditions for Trading Value-Referenced Crypto Assets with Clients (the "Staff Notice"). The Staff Notice provides further guidance on the CSA's interim approach to the regulation of stablecoins in Canada (referred to as "Value-Referenced Crypto Assets" or "VRCAs" by the CSA), and builds on the previous guidance released by the CSA in CSA Staff Notice 21-332 Crypto Asset Trading Platforms: Pre-Registration Undertakings – Changes to Enhance Canadian Investor Protection ("SN 21-332"), published on February 22, 2023.

The CSA define a VRCA as a "crypto asset that is designed to maintain a stable value over time by referencing the value of a fiat currency or any other value or right, or combination thereof". In SN 21-332, the CSA set out their expectation that crypto trading platforms ("CTPs") should obtain the prior written

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