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ARTICLE · 30 APRIL 2024

Extension And Clarifications On The Regulation Of Value-referenced Cryptoassets

Osler, Hoskin & Harcourt LLP
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In a notable development, the Canadian Securities Administrators (CSA) recently announced an extension to the compliance deadline for crypto trading platforms...

CanadaTechnology
Matthew T. Burgoyne
Matthew T. Burgoyne
Laure Fouin
Laure Fouin
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In a notable development, the Canadian Securities Administrators (CSA) recently announced an extension to the compliance deadline for crypto trading platforms (CTPs) dealing with value-referenced cryptoassets (VRCAs), originally detailed in CSA Staff Notice 21-333, dated October 5, 2023 (October 2023 Staff Notice). This latest guidance, released on April 17, 2024, acknowledges many CTPs' concerns regarding technical difficulties that they face in implementing the VRCA restrictions and reiterates the CSA's ongoing call for industry feedback on how to regulate VRCA trading in Canada.

Background

VRCAs are designed to maintain a stable value relative to a specified fiat currency or other stable asset. The primary focus within this category has been on fiat-backed cryptoassets (FBCAs), which aim to mirror the value of a single fiat currency through reserves maintained by the issuer. The October 2023 Staff Notice outlined conditions for CTPs to continue trading VRCAs,

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