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Digital Assets and Blockchain Hub

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Canada: Legal and regulatory developments

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2024

September 2024	Autorité des marchés financiers

The Canadian Securities Administrators (CSA) provided a further update for cryptoasset trading platforms (CTPs) that are registered, or that provided a pre-registration undertaking (PRU), about the application of terms and conditions in the CTPs’ registration and exemptive relief decisions or PRUs related to value-referenced cryptoassets (VRCAs).

August 2024	Canadian Securities Administrators / Autorités canadiennes en valeur mobilières

The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) reminded crypto trading platforms to ensure their operations comply with Canadian securities laws by prioritizing their applications for registration as investment dealers and membership with CIRO.

January 2024	Canadian Securities Administrators / Autorités canadiennes en valeur mobilières

The Canadian Securities Administrators (CSA) published for consultation a set of proposed regulatory requirements for public investment funds that want to invest in cryptoassets.

The proposed amendments tailor requirements for public investment funds investing in cryptoassets to "better protect investors and reduce risk." Requirements include cryptoasset investment restrictions and custodial obligations.

The amendments are the second phase of a project to implement a Canadian regulatory framework for public investment funds holding cryptoassets. In the project’s third phase, the CSA will consult publicly on a broader framework.

Deadline for comments is 17 April 2024.

2023

October 2023	Canada Revenue Agency

The Canada Revenue Agency published 'Crypto-asset exchanges: your records, obligations and responsibilities', which highlights the importance of keeping proper financial records of crypto activities for tax purposes.

October 2023	Canadian Securities Administrators / Autorités canadiennes en valeur mobilières

The Canadian Securities Administrators (CSA) provided further clarity and guidance to cryptoasset trading platforms about its interim approach to the trading of value-referenced cryptoassets (stablecoins).

The notice sets out interim terms and conditions that would apply to cryptoasset trading platforms and the issuers of fiat-backed cryptoassets if they wish to continue allowing Canadian clients to purchase or deposit these assets.

The interim terms and conditions are intended to address investor protection concerns presented by value-referenced cryptoassets and include, among other things, the following provisions:

The issuer of the value-referenced cryptoasset must maintain an appropriate reserve of assets with a qualified custodian, held for the benefit of the cryptoasset holder.
The issuer of the value-referenced cryptoasset and cryptoasset trading platforms that offer them must make certain information related to governance, operations and reserve of assets publicly available.

2021

October 2021	Bank of Canada

In his speech 'The long and short of it: A balanced vision for the international monetary and financial system', Governor of the Bank of Canada Tiff Macklem said the pandemic and looming challenges such as digital currencies and climate change make it more important than ever for the international monetary and financial system to evolve.

2020

January 2020	Canadian Securities Administrators / Autorités canadiennes en valeur mobilières

The CSA issued a notice to provide guidance on certain factors it considers to determine whether securities legislation applies to any entity that facilitates transactions relating to cryptoassets

2019

October 2019	Chamber of Digital Commerce

The CDC released a document, entitled "Canadian Blockchain Census 2019, Part I: Measuring Canada’s Blockchain Ecosystem", which aims to inform and upport the country's policy makers and business leaders in their efforts to grow and strengthen Canada’s innovation economy, and in particular, its digital asset and blockchain technology ecosystem.

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