The Canadian Securities Administrators included strategies for DLT and blockchain-based securities regulations in their Business Plan 2019–2022.
The Canadian Securities Administrators (CSA) are focusing on understanding and regulating distributed ledger technology (DLT) and its related components. The Canadian securities regulatory agency included a section on DLT and crypto assets in its Business Plan 2019–2022 that was published on July 13.
The CSA’s business plan for 2018–2022 was approved on May 28, and represents a collaborative effort by the CSA to define its priorities over the next several years.
Among a range of priorities such as fair and efficient markets, regulatory advancement and reduction of risks, the CSA also pointed out the need to consider the implications of DLT, including blockchain technology.
The CSA reasoned its interest in DLT with its purported potential to transform the landscape of the financial industry. The CSA thus will explore possible changes to adapt the existing regulatory framework to address the challenges that could arise with regard to crypto assets. The document further specifies:
“This strategic goal consists of (i) identifying the emerging regulatory issues related to technology that require regulatory action or clarity, and (ii) developing a tailored and effective regulatory response for significant issues identified.”
Apart from that, the CSA is going to consider custodial requirements in relation to crypto assets, as well as capital raising issues that may be unique to blockchain-based securities.
As recently reported, cryptocurrency exchanges in Canada will be legally required to register with the Financial Transactions and Reports Analysis Centre of Canada as of June 1, 2020. This requirement will come into effect along with other amendments to Canada’s new Anti-Money Laundering laws next year.
Source: , CoinTelegraph
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