On December 12, 2022, in the aftermath of recent developments in
the crypto market and in the wake of the FTX exchange collapse, the
Canadian Securities Administrators (CSA) announced a number of
changes to strengthen its approach to oversight for crypto trading
platforms operating in Canada
(“CTPs“).
On August 15, 2022, the CSA announced that all CTPs operating in
Canada while taking steps to seek registration are required to sign
undertakings which included terms and conditions consistent with
requirements currently applicable to registered platforms. The
CSA's December 12, 2022 update is designed to further enhance
its previous commitment made on August 15, 2022 relating to the
regulation of CTPs.