The Canadian Securities Administrators (CSA), an umbrella group for provincial authorities, said the rules apply to platforms that allow crypto assets that are securities and derivatives to be directly traded, and ones that hold user funds. (The Block)

Talking point: Regulators have ramped up their focus on cryptocurrency over the last year. Thursday’s notice follows a March 2019 framework from the CSA and the Investment Industry Regulatory Organization of Canada that sought to bring some clarity around registration and legal requirements for exchanges. The Financial Transactions and Reports Analysis Centre of Canada, the federal anti-money-laundering watchdog, will also begin regulating platforms in June, requiring them to keep client and transaction records. Lawyers predict some foreign exchanges may choose to exit the Canadian market rather than register as dealers. This notice isn’t the final word, however—affected companies could yet mount legal challenges.