New Rules Developed For Crypto Companies in Canada
Employees of the Canadian Securities Administrators (CSA) have developed a new guide for all cryptocurrency companies operating in this jurisdiction to follow. According to the document, cryptocurrency exchanges offering securities or derivatives will be required to obey the new law. This guide also relates to other companies engaged in digital assets. But most likely, the platforms classified as non-custodian, will not have to follow the new legislation. “We know that some platform operators believe that their sites are not subject to securities laws since they only allow transactions with crypto assets that are not derivatives or securities. However, some platforms provide their users with the contractual right to the main crypto asset and don`t immediately deliver it. We conclude that these platforms are generally subject to securities laws” the guide says. CSA representatives said the new law also applies to foreign companies that serve users from Canada. They warned that if the rules of the new leadership are not followed, they will be forced to take coercive measures. Recall earlier we wrote that a Canadian venture company plans to invest $320 million in fintech startups. To keep up with the latest news in the world of cryptocurrencies and the blockchain industry, check out updates on TheCoinShark.