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ARTICLE · 20 SEPTEMBER 2017

Industry Responds To CSA Guidance On Cryptocurrency Offerings

Blake, Cassels & Graydon LLP
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The rise in popularity of cryptocurrencies and the spread of cryptocurrency offerings have attracted increased attention from securities regulators in Canada and abroad.

CanadaTechnology
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
Christopher Hewat
Christopher Hewat
Liam Churchill
Liam Churchill
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The rise in popularity of cryptocurrencies and the spread of cryptocurrency offerings have attracted increased attention from securities regulators in Canada and abroad. Recently, staff of the Canadian Securities Administrators (CSA) (other than Saskatchewan) published Staff Notice 46-307 – Cryptocurrency Offerings (Staff Notice), in response to requests from fintech businesses for guidance on the applicability of Canadian securities laws to cryptocurrency offerings, cryptocurrency exchanges and cryptocurrency-focused investment funds.

The Staff Notice articulated a general view that "in many instances" cryptocurrencies are securities, and reminded business that if a particular cryptocurrency is a security, sales of that cryptocurrency are subject to the prospectus and registration requirements of Canadian securities laws. In addition, the Staff Notice noted that any platform that is a marketplace and facilitates trades in securities that are cryptocurrencies

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