The Canadian Securities Administrators (CSA) is providing an update to crypto trading platforms that continue to operate in Canada while they take steps to comply with applicable securities legislation.
CSA members now expect such platforms to provide a pre-registration undertaking to their principal regulator to continue operations while their application is reviewed. By giving these undertakings, crypto trading platforms agree to comply with terms and conditions that address investor protection concerns and are consistent with requirements currently applicable to registered platforms.
The Ontario Securities Commission has published the first pre-registration undertakings, filed by Coinsquare Capital Markets Ltd. and Crypto.com. CSA members are in discussions with other crypto trading platforms about providing pre-registration undertakings. Once provided, these undertakings will be published on the CSA's website.
Crypto trading platforms need to file pre-registration undertakings
CSA members may take action if a crypto trading platform is not prepared to file an undertaking or does not abide by the terms of an undertaking.
On March 29, 2021, the CSA and the Investment Industry Regulatory Organization of Canada published a notice outlining securities law requirements that apply to crypto trading platforms.
All crypto trading platforms that are registered in Canada or that have provided a pre-registration undertaking to a CSA member are listed on the CSA's website.
