Exchanges would need to register as marketplaces and/or investment dealers under new rules put forward for consultation by the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC). The platforms would also have to make public information on orders and trades. The regulations would apply to platforms based in Canada and foreign exchanges serving Canadian cryptocurrency buyers and sellers. (Globe and Mail)
Talking point: The CSA and IIROC proposal follows the high-profile bankruptcy in February of QuadrigaCX, a Canadian exchange that owes 115,000 creditors a total of $260 million. Platforms have asked for guidance on which rules they must follow, according to the CSA and IIROC. Canadian regulators have been slow to address the cryptocurrency space, even when companies have actively sought their input. In 2017, chat platform Kik said Canadians wouldn’t be able to participate in its initial coin offering because the Ontario Securities Commission had not clearly stated whether securities laws applied to its token, Kin.