The Canadian Securities Administration (CSA) launched a discover on Feb.22 requiring crypto exchanges that plan to function nationwide to endure a pre-registration course of inside 30 days.
CSA chair Stan Magidson defined the reasoning behind this choice by stating:
“Current insolvencies involving a number of crypto asset buying and selling platforms spotlight the super dangers related to buying and selling crypto property, notably when performed on unregistered platforms based mostly exterior of Canada,”
The pre-registration course of consists of segregating crypto property held on behalf of Canadian shoppers and suspending providing margin, credit score, or different types of leverage buying and selling to Canadian customers.
Exchanges will even should cease providing stablecoins till written consent is secured from the CSA.
The CSA additionally reminded Canadians that crypto buying and selling got here with an “elevated” degree of threat, which might not be appropriate for a lot of traders.
