{"id":555275,"date":"2023-02-22T23:30:00","date_gmt":"2023-02-22T20:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/new-canadian-rules-for-crypto-trading-platforms-leave-little-room-for-stablecoins\/"},"modified":"2023-02-22T23:30:00","modified_gmt":"2023-02-22T20:30:00","slug":"new-canadian-rules-for-crypto-trading-platforms-leave-little-room-for-stablecoins","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/new-canadian-rules-for-crypto-trading-platforms-leave-little-room-for-stablecoins\/","title":{"rendered":"# New Canadian rules for crypto trading platforms leave little room for stablecoins"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a421bccaa0af\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a421bccaa0af\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/new-canadian-rules-for-crypto-trading-platforms-leave-little-room-for-stablecoins\/#%E2%80%9D_New_Canadian_rules_for_crypto_trading_platforms_leave_little_room_for_stablecoins_%E2%80%9C\" >&#8221; New Canadian rules for crypto trading platforms leave little room for stablecoins &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_New_Canadian_rules_for_crypto_trading_platforms_leave_little_room_for_stablecoins_%E2%80%9C\"><\/span>&#8221; New Canadian rules for crypto trading platforms leave little room for stablecoins &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvOWE0NTRmZWEtYjMyOC00ZmRjLWI0NjQtMjA4ZmRkMDVmY2Q3LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>The Canadian Securities Administrators (CSA) published a notice on Feb. 22 describing new commitments it <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.asc.ca\/-\/media\/ASC-Documents-part-1\/Regulatory-Instruments\/2023\/02\/6082629-CSA-Notice-21-332-Crypto-Trading-Platforms.ashx\">expects<\/a> from crypto asset trading platforms (CTPs) seeking registration in Canada. The CTPs will enter into a new version of preregistration undertakings (PRUs), which are legally binding documents. Registered CTPs will be contacted by their principal regulators about compliance with the new expectations.\u00a0<\/p>\n<p>The new commitments represent investor protections in light of the spate of CTP insolvencies that occurred in 2022, the CSA wrote. The new commitments touch on issues that include segregation of assets, leverage, determination of capital, transparency and others. The notice devoted by far the most space to:<\/p>\n<blockquote><p>\u201cA prohibition on the part of the CTP in respect of clients buying or depositing Value- Referenced Crypto Assets (commonly referred to as stablecoins) through crypto contracts without the prior written consent of the CSA.\u201d <\/p><\/blockquote>\n<p>The notice explained that \u201cCTPs are prohibited from permitting Canadian clients to enter into crypto contracts to buy and sell any crypto asset that is itself a security and\/or a derivative. [\u2026] Staff are of the view that Fiat-Backed Crypto Assets <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly meet the definition of \u2018security\u2019 and\/or would meet the definition of \u201cderivative\u201d in several jurisdictions.\u201d The CSA \u201cwould not expect to provide consent \u201c for other types of stablecoin, such as algorithmic stablecoin, either. <\/p>\n<p>Nonetheless, exceptions can be made in writing by the CSA. The notice said,\u00a0\u201cWe recognize that VRCAs may be [\u2026] as an on-ramp to deposit assets with the CTP, for the trading of other crypto assets, as a store of value during times of volatility in the crypto asset markets or to avoid converting their crypto assets into fiat currency, or [\u2026] as a means of payment.\u201d<\/p>\n<p><strong><em>Related: Crypto.com delists USDT for Canadian users following OSC ban<\/em><\/strong><\/p>\n<p>Coinsquare, a CTP <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.securities-administrators.ca\/crypto-trading-platforms-regulation-and-enforcement-actions\/crypto-trading-platforms-authorized-to-do-business-with-canadians\/\">registered<\/a> in Canada, listed USD Coin (USDC) and Dai (DAI) stablecoins among its 40 offerings at the time of writing. <\/p>\n<p>The CSA is an umbrella organization of Canadian provincial regulators. Its Feb. 22 notice was the second update to a document that was introduced in August.  <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw\">#cryptocurrency<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#crypto<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/cryptonews?src=hash&amp;ref_src=twsrc%5Etfw\">#cryptonews<\/a><br \/>Canadian Securities Administrators may intend to tighten rules for cryptocurrency exchanges later this month. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/wSytpVZnFq\">pic.twitter.com\/wSytpVZnFq<\/a><\/p>\n<p>\u2014 Cryptocurrencies Agency (@alsayedomar1252) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/alsayedomar1252\/status\/1626598937439395841?ref_src=twsrc%5Etfw\">February 17, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/new-canadian-rules-for-crypto-trading-platforms-leave-little-room-for-stablecoins\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; New Canadian rules for crypto trading platforms leave little room for stablecoins &#8220; The Canadian Securities Administrators (CSA) published a notice on Feb. 22 describing new commitments it expects from crypto asset trading platforms (CTPs) seeking registration in Canada. The CTPs will enter into a new version of preregistration undertakings (PRUs), which are legally&#8230;<\/p>\n","protected":false},"author":1,"featured_media":555276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/9a454fea-b328-4fdc-b464-208fdd05fcd7.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,75493,22974,70934,72287],"class_list":["post-555275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-stablecoin","tag-canada","tag-regulation","tag-security"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/555275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=555275"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/555275\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/555276"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=555275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=555275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=555275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}