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ARTICLE · 11 NOVEMBER 2024

Fintech In Canada Q3 2024

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The Canadian Securities Administrators (CSA) has once again extended the deadline for registered crypto-trading platforms to address trading in value referenced crypto assets (VRCAs).

CanadaTechnology
Matthew Flynn
Matthew Flynn
Simon Grant
Simon Grant
Kim Lawton
Kim Lawton
Cheryl Woodin
Cheryl Woodin
Robert Staley
Robert Staley
Douglas Fenton
Douglas Fenton
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CSA Extends Deadline to Delist Stablecoins

The Canadian Securities Administrators (CSA) has once again extended the deadline for registered crypto-trading platforms to address trading in value referenced crypto assets (VRCAs).

VRCAs, better known as "stablecoins", are crypto assets designed to maintain a stable or pegged value relative to a specified fiat currency or other asset. Stablecoins have become popular with crypto investors and are frequently used to facilitate the trading, borrowing and lending of other crypto assets.

In February 2023, the CSA published guidance indicating that VRCAs may constitute securities or derivatives under Canadian securities law. The CSA noted that investors had suffered harm from the collapse of unregulated VRCAs. The CSA also expressed concern that investors were not receiving sufficient disclosure and that issuers may not be maintaining a sufficient reserve of assets to back a specific VRCA in an unregulated environment.

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