In Staff Notice 21-329
Guidance for Crypto-Asset Trading Platforms: Compliance with
Regulatory Requirements ("SN
21-329"), the Canadian Securities Administrators
(CSA) issued an ultimatum to crypto asset
platforms operating within Canada or with Canadian users: Register,
or else. Published on March 11, 2021 jointly with
IIROC1, SN 21-329 attempts to fully integrate these
crypto asset trading platforms2
("Crypto-Platforms") into the Canadian
regulatory regime3.
SN 21-329 identifies activities which may require Crypto
Platforms to register as either investment dealers or marketplaces.
It does not introduce a new set of rules applicable to
Crypto-Platforms, but rather provides an overview of the
applicability of existing rules, which as the CSA notes, is
consistent with the approach taken by foreign regulators.
