New rules needed to address risks posed by websites popping up that allow investors to buy and sell digital currency
Canada’s securities watchdogs said Thursday that they are considering new rules to address the risks posed by the websites and companies that have popped up to allow investors to buy and sell bitcoin and other digital currencies.
“Depending on their structure, they may also introduce novel features which create risks to investors and our capital markets that may not be fully addressed by the existing regulatory framework,” the paper says. “Where securities legislation applies to Platforms we are considering a set of tailored regulatory requirements for them to address the novel features and risks .”
According to the regulators, they have already talked with several crypto-trading platforms and heard that such a regulatory framework would be welcomed, as the companies aim to grow their businesses and maintain consumer confidence. The proposed framework would apply to platforms subject to those regulations, but that may not necessarily fit within the existing rules. It would apply to Canadian-based platforms and those with Canadian investors, and see platforms typically register as investment dealers and IIROC members.
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