The Canadian Securities Administrators says crypto-trading platforms don’t necessarily fit the existing regulatory structure because some of their functions are similar to regulated exchanges but other functions are similar to dealers, custodians and clearing agencies.

Canadian regulators eye framework to cover crypto trading platforms

Regulators invite interested parties to submit written comments

The regulatory bodies that oversee Canada’s stock markets are seeking feedback on appropriate requirements for platforms that trade cryptocurrencies such as Bitcoin, Ethereum and Ripple.

The provincial regulators represented by the Canadian Securities Administrators and the Investment Industry Regulatory Organization of Canada published their proposed framework on Thursday.

READ MORE: Search into missing cryptocurrency from B.C.-based exchange turns up empty ‘cold wallets:’ Report

The CSA says crypto-trading platforms don’t necessarily fit the existing regulatory structure because some of their functions are similar to regulated exchanges but other functions are similar to dealers, custodians and clearing agencies.

The consultation paper invites interested parties to submit written comments on a variety of questions by May 15. The responses will help the regulators as they craft a new framework for crypto-trading platforms.

Among other things, the paper asks in its section on surveillance of trading activities if it’s appropriate for the platforms to set rules and monitor trading activities on their own marketplace.

The paper also asks what standards should be in place to limit the risk of crypto assets being lost or stolen and what type of insurance coverage the platforms should be required to obtain.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

VIDEO: ‘Celtic Connections’ show in Duncan features Vancouver Orpheus Male Choir

They’ll be joined by their hosts, Concenti Women and Acafellas choirs from Cowichan

Lexi Bainas column: Dance, dance, dance your way to the nearest theatre to celebrate Valley’s young talent

With every studio winding up its year soon, look for a tasty menu of great performances

Cowichan Rats fall to Victoria Blazers

Rematch set for Saturday at Cowichan Arena

Volunteers already rescuing fry from drying creekbeds around Cowichan Lake

It’s early but already salmon fry are being left high and dry

Shamrocks take battle of Island lacrosse rivals

Nanaimo will host Langley this Saturday afternoon

B.C.’s fight to regulate bitumen through pipelines to go to Canada’s top court

BC Appeal Court judges found B.C. cannot restrict bitumen flow along Trans Mountain pipeline

Coming up in Cowichan: From bike rodeo to ‘A Word About Consent’, lots on the calendar

Christian Science event coming to Duncan Saturday, May 25 “Breaking News: Freedom… Continue reading

Prepare yourself for tick season, says Island Health official

2017 saw three reported cases of Lyme disease

So, they found ‘Dave from Vancouver Island’

Dave Tryon, now 72 and living in North Delta, will reunite with long-ago travelling friends in Monterrey, Calif.

Scheer says it would take Conservatives five years to balance budget

Scheeraccused the Liberal government of spending $79.5 billion of previously unbudgeted funds

B.C. man, 30, arrested for driving his parents’ cars while impaired twice in one day

The Vancouver-area man was arrested after officers caught him driving impaired twice in one day

New airline regulations bring compensation for tarmac delays, over-bookings

Some of the new regulations will roll out in July, while others are expected for December.

More than half of Canadians support ban on handguns, assault rifles: study

Divide between rural and urban respondents in latest Angus Reid Institute public opinion study

Spring rain needed as B.C. sees one of the lowest snowpack levels in 40 years

Snowpack levels in B.C. recorded on May 15 were similar to those in 2015 and 2016

Most Read