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ARTICLE · 10 NOVEMBER 2022

The Legal Treatment Of Cryptocurrency In Canada: Recent Developments

Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
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Borden Ladner Gervais LLP

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Over the course of the last decade, cryptocurrencies have grown from the interest of a few online enthusiasts to a globally recognized medium of exchange valued in the trillions of dollars.

CanadaTechnology
Jake Cabott
Jake Cabott
Jason Uswak
Jason Uswak
Peter Horemans
Peter Horemans
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Over the course of the last decade, cryptocurrencies have grown from the interest of a few online enthusiasts to a globally recognized medium of exchange valued in the trillions of dollars. But while Bitcoin, Ethereum, and Dogecoin have become household names, the legal rules that apply to cryptocurrency remain unclear and unsettled. In this article, we outline some of the recent developments in Canadian jurisprudence related to the legal treatment of cryptocurrencies.

Background

In general terms, cryptocurrencies are a kind of digital asset or 'token' that functions on the blockchain. Blockchain is a distributed ledger technology, meaning that every time a transaction occurs on a blockchain system, each component of that system independently checks the validity of every other component. Blockchain and cryptocurrency have been pitched as revolutionary in part because this allows for decentralized, 'trustless' transactions, without the need for central

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