SCOOP: Canada's umbrella regulatory body CSA_News is close to tightening oversight of crypto exchanges operating across the country's various provinces. ianallison123 reports
Later this month, Canada’s umbrella markets regulator, the Canadian Securities Administrators , will tighten requirements for cryptocurrency exchanges operating in the country, according to two people who have been briefed on the plans.
The SEC has already begun accelerating its crackdown on crypto companies, settling charges with exchange Kraken and alleging that a stablecoin issued by Paxos is a security. Other G7 countries like the UK and Canada are likewise increasing their efforts to police the industry in the wake of last year’s disasters.
“This [update to PRU] was primarily driven by the Ontario Securities Commission and will crush the Canadian crypto industry overnight as it completely changes the CSA’s own stated rules and structures and will ensure it’s simply too expensive to do business in Canada,” said one person who asked to remain unnamed due to their ongoing business with regulators.
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