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ARTICLE · 08 AUGUST 2024

CSA Restricted Dealer Regime For Crypto Trading Platforms (CTPs) Appears Closed For New Applicants

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On August 6, 2024, the Canadian Securities Administrators (CSA) announced that they do not intend to continue with the flexible "interim approach for time-limited restricted dealer registration" for CTPs.

CanadaTechnology
TechLex Blog
TechLex Blog
Lori Stein
Lori Stein
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On August 6, 2024, the Canadian Securities Administrators (CSA) announced that they do not intend to continue with the flexible “interim approach for time-limited restricted dealer registration” for CTPs. This suggests that any custodial CTP that wants to commence or continue offering services in Canada and has not already registered or entered into a pre-registration undertaking (PRU) with its principal regulator must seek full investment dealer registration and membership with the Canadian Investment Regulatory Organization (CIRO). The CSA also reminds CTPs that are currently registered as restricted dealers or operating under PRUs that they are expected to “actively and diligently seek registration as investment dealers and membership with CIRO” by the end of the time-limited period, generally set at two years. Read the full news release here:  CSA and CIRO expect crypto trading platforms to prioritize applications for investment dealer registration and CIRO

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