The Office of the Superintendent of Financial Institutions, the Financial Consumer Agency of Canada, and the Canada Deposit Insurance Corporation issued a statement to regulated entities that carry out crypto-related services or engage in cryptoasset activities, to reinforce the expectation that those federally regulated entities adhere to all applicable current regulatory requirements and guidance when carrying out those services or activities.
Regulated entities are expected to "understand the risks of any planned cryptoasset activities and ensure these risks have been properly addressed. Regulated entities must also ensure any cryptoasset activities comply with existing federal financial laws including the Bank Act, Insurance Companies Act, Trust and Loan Companies Act, and Proceeds of Crime (Money Laundering) and Terrorist Financing Act, as well as any regulations or guidance issued by federal and provincial regulatory agencies."