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ARTICLE · 14 MARCH 2023

Shut The FTX Door - Canadian Securities Regulators Tighten Grip On Crypto Asset Trading Platforms

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On February 22, 2023, the Canadian Securities Administrators (the "CSA") published a notice (the "Notice") announcing enhanced investor protection requirements it is imposing on crypto...

CanadaTechnology
Irina Costei
Irina Costei
Mike M. Stephens
Mike M. Stephens
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On February 22, 2023, the Canadian Securities Administrators (the "CSA") published a notice (the "Notice") announcing enhanced investor protection requirements it is imposing on crypto asset trading platforms ("CTPs").1 This update follows on the tailwinds of the CSA's notice on December 12, 2022, which announced its expansion of existing regulatory requirements for CTPs operating in Canada.2

In order to continue operating in Canada, unregistered CTPs will now have until March 24, 2023 to inform their principal regulator that they are adhering to additional pre-registration requirements and, in so doing, file a pre-registration undertaking (a "PRU") with such regulator. It should be noted that the timeframes for compliance with the additional pre-registration requirements set out in the PRU do not appear to be set in stone, and, therefore, are likely subject to discussion and agreement with the CTPs principal regulator.

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