Canadian regulators are looking to create new rules for crypto trading platforms, months after the death of the founder of digital platform Quadriga CX that led to about C$180 million ($135 million) in frozen cryptocurrencies.
The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) said bit.ly/2Fffz2V on Thursday they are considering a set of tailored regulatory requirements to address the "novel features and risks" of crypto platforms.
�We must adapt to innovation, and provide clarity to the market about how regulatory requirements might best be tailored and applied to these unique business models, while maintaining investor protection,� IIROC Chief Executive Officer Andrew Kriegler said in a statement.
The Quadriga situation highlighted a regulatory vacuum for the cryptocurrency industry in Canada and raised questions about who would be held accountable for any potential losses. The cryptocurrencies have been frozen in Quadriga�s user accounts since its founder Gerald Cotten, the only person with the password to gain access, died suddenly in December.
Canada�s biggest securities regulator, the Ontario Securities Commission, said in February it was looking into the platform given the �potential harm to Ontario investors�.
No comments:
Post a Comment