Seeking Public Input on Cryptocurrency Disclosure Legislation in Canada

Seeking Public Input on Cryptocurrency Disclosure Legislation in Canada

Canadian Regulator Seeks Feedback on Crypto 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 cryptocurrency assets as part of implementing crypto regulations.

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

The regulatory body aims to mitigate risks associated with transactions within an unregulated financial ecosystem, recognizing the transformative potential of digital innovation but highlighting the need for crypto regulation to address the risks.

“Recent crypto events underscore risks of unregulated financial innovation. Public disclosures enhance 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 rules communicated by winter 2025.

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Cross Sector Collaboration on Crypto 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 ensure 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 Crypto Assets (MiCA), to protect consumers.

Hot Take: Canada’s Crypto Regulation Initiatives

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Canada’s Office of the Superintendent of Financial Institutions (OSFI) is soliciting public feedback on new crypto exposure reporting rules as part of its efforts to implement crypto regulations, demonstrating a proactive and collaborative approach to address the risks associated with unregulated financial ecosystems 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 crypto regulation.

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