Seeking Public Input on Cryptocurrency Disclosure Legislation in Canada

Seeking Public Input on Cryptocurrency Disclosure Legislation in Canada

Canadian Regulator Seeks Feedback on Cryptocurrency Exposure Reporting

The Office of the Superintendent of Financial Institutions (OSFI) in Canada has opened up the floor for public feedback on how banks should report their exposure to digital currency assets as part of implementing cryptocurrency regulations.

OSFI head, Peter Routledge, emphasized the importance of public disclosures in managing dangers in banks, especially regarding crypto-asset exposures, and encouraged feedback to tailor the disclosure expectations to the Canadian context.

The regulatory body intends to mitigate dangers associated with transactions within an unregulated financial ecological system, recognizing the transformative probable of digital innovation but highlighting the need for cryptocurrency regulation to address the risks.

“Recent cryptocurrency events underscore dangers of unregulated financial innovation. Public disclosures strengthen transparency, comparability of data, and market discipline for a safer financial system.”

The guidelines draft on public disclosure is expected to be released by the fall of next year, and a non-attributed summary of comments received will be published together with OSFI’s responses, with the final regulations communicated by winter 2025.

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Cross Sector Collaboration on Cryptocurrency Regulation

The OSFI is collaborating with the Basel Committee on Banking Supervision (BCBS) and seeking feedback on technical aspects of the BCBS disclosure tables and templates, as well as key considerations to secure proportionality of disclosures and other considerations raised by the BCBS consultation in developing Canadian disclosure expectations.

The goal is to align with the precepts of the EU’s robust framework, Markets in Cryptocurrency Assets (MiCA), to protect consumers.

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Hot Take: Canada’s Cryptocurrency Regulation Initiatives

Canada’s Office of the Superintendent of Financial Institutions (OSFI) is soliciting public feedback on new cryptocurrency exposure reporting regulations as part of its efforts to implement cryptocurrency regulations, demonstrating a proactive and collaborative approach to address the  dangers associated with unregulated financial ecological systems and the need for transparency in the banking sector. The collaboration between OSFI and BCBS shows a commitment to international standards and a comprehensive approach to cryptocurrency regulation.

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