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ARTICLE · 13 OCTOBER 2023

CSA Announces Interim Conditions For The Trading Of Stablecoins (VRCAs)

McCarthy Tétrault
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On October 5, 2023, the Canadian Securities Administrators (CSA) published CSA Staff Notice 21-333 Crypto Asset Trading Platforms: Terms and Conditions for Trading Value-Referenced...

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Lori Stein
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On October 5, 2023, the Canadian Securities Administrators (CSA) published CSA Staff Notice 21-333 Crypto Asset Trading Platforms: Terms and Conditions for Trading Value-Referenced Crypto Assets with Clients (SN 21-333), starting the countdown on new restrictions to be imposed on crypto asset trading platforms (CTPs) that trade stablecoins (which the CSA calls "Value-Referenced Crypto Assets" or "VRCAs") with Canadian clients.

SN 21-333 updates the regime for VRCAs announced in February of this year in CSA Staff Notice 21-332 Crypto Asset Trading Platforms: Pre-Registration Undertakings: Changes to Enhance Canadian Investor Protection (SN 21-332) and discussed in our previous blog post. SN 21-332 regulated VRCAs by imposing requirements on CTPs registered as dealers or which have given pre-registration undertakings to the CSA (Regulated CTPs). SN 21-333 goes beyond SN 21-332 by imposing requirements directly on stablecoin issuers in order for their VRCAs to

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