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ARTICLE · 22 NOVEMBER 2022

New Crypto Guidance For Federally Regulated Entities

Osler, Hoskin & Harcourt LLP
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On November 16, 2022, a joint statement was released to federally regulated entities engaging in crypto-asset activities or crypto-related services by the Office of the Superintendent of Financial Institutions...

CanadaTechnology
Matthew T. Burgoyne
Matthew T. Burgoyne
Laure Fouin
Laure Fouin
Victoria Graham
Victoria Graham
Lawrence Ritchie
Lawrence Ritchie
Elizabeth Sale
Elizabeth Sale
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On November 16, 2022, a joint statement was released to federally regulated entities engaging in crypto-asset activities or crypto-related services by the Office of the Superintendent of Financial Institutions (OSFI), the Financial Consumer Agency of Canada (FCAC), and the Canada Deposit Insurance Corporation (CDIC). OSFI, FCAC and CDIC are core members of Canada's Financial Institutions Supervisory Committee.

The joint statement explicitly reinforces "the expectation that [...] federally regulated entities adhere to all applicable current regulatory requirements and any guidance when carrying out any crypto-related services or engaging in crypto-asset activities". This includes a requirement that federally regulated entities "clearly understand the risks of any planned crypto-asset activities and ensure that these risks have been properly addressed" and that such entities comply with existing federal financial laws including the Bank Act, Insurance Companies Act, T

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