Some of Canada’s largest startups that handle crypto have pushed back on Ontario’s new bill for modernizing its capital markets, saying it gives the Ontario Securities Commission too much discretion in its oversight of the sector. (The Logic)
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Some of Canada’s largest startups that handle crypto have pushed back on Ontario’s new bill for modernizing its capital markets, saying it gives the Ontario Securities Commission too much discretion in its oversight of the sector. (The Logic)
Talking point: Under the draft Capital Markets Act, released in October 2021, Ontario’s chief regulator would have the power to designate a cryptocurrency as a security. The change is intended to bring crypto-asset trading platforms into compliance with capital-markets laws, after regulators found hundreds of unregistered exchanges operating in Canada. However, that expansive power could lead to uneven enforcement of rules for the sector, Evan Thomas, Wealthsimple’s head of legal for crypto, told The Logic. Ministry of Finance spokesperson Scott Blodgett said the Ontario government is still reviewing the industry’s comments on the bill, as well as recommendations by its capital-markets modernization taskforce.
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