The Office of the Superintendent of Financial Institutions issued interim rules Thursday requiring the firms it regulates—which include all the country’s banks, credit unions and insurance companies—to alert it if they have more than modest crypto holdings or short positions. (The Logic)

Talking point: While Canadian securities regulators have been trying to rein in crypto companies’ operations in the country, this is the first attempt to govern how Canada’s financial institutions should treat their dealings in the assets. OSFI’s goal, it said in a release, is to make sure firms “adopt a cautious approach to using cryptoassets and remain vigilant regarding the risks involved.” Risk has been the byword for crypto through much of this year, with the price of Bitcoin and other tokens plunging and the so-called “crypto winter” wiping out individual investors’ savings and claiming high-profile victims like bankrupt crypto lender Celsius. OSFI said it will update the rules as needed to reflect developments, including the Basel Committee on Banking Supervision’s forthcoming international guidelines on crypto exposure and the Canadian government’s legislative review of the risks posed by the digitalization of money.