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ARTICLE · 09 JANUARY 2025

Insights From The OSC: Compliance Review Of Crypto Platforms

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On December 10, 2024, the Ontario Securities Commission ("OSC") released Staff Notice 33-757 – Review of Restricted Dealer Crypto Asset Trading Platforms' Compliance with the Account Appropriateness...

CanadaTechnology
Jennie Baek
Jennie Baek
Matthew DeAmorim
Matthew DeAmorim
Karan Lall (Articling Student)
Karan Lall (Articling Student)
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On December 10, 2024, the Ontario Securities Commission ("OSC") released Staff Notice 33-757 – Review of Restricted Dealer Crypto Asset Trading Platforms' Compliance with the Account Appropriateness, Investment Limits and Client Limits Requirements (the "Staff Notice") summarizing the findings of their compliance review of six registered crypto asset trading platforms ("CTPs") related to: (i) account appropriateness assessments; (ii) investment limits; and (iii) client limits. The Staff Notice sets out the findings of their compliance sweep and also sets out OSC Staff's views on "suggested practices" for CTPs, with the aim that CTPs use the Staff Notice as a self-assessment tool to assist in strengthening their compliance with Ontario securities laws. The Staff Notice also sets out OSC Staff's expectation that CTPs comply with the "letter and spirit" of the requirements applicable to their platforms.

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The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

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