Regulators unveil new guidance for cryptocurrency traders in Canada – The Globe and Mail Regulators unveil new guidance for cryptocurrency traders in Canada – The Globe and Mail

With Canadian securities regulators having now provided guidelines for cryptocurrency trading platforms, there is no longer a grace period when it comes to cracking down on unregulated crypto trading platforms, says Matt Burgoyne, parter and Chair of the Digital Assets and Blockchain practice, in an interview with The Globe and Mail.  

“They’ve made it crystal clear now, and you don’t want to be on the receiving end of enforcement,” says Matt. “It adds cost and work to you, so your best option is to pro-actively reach out.

“In the past, even though these platforms facilitated trading for retail investors, there was no clear mechanism as to how Investment Industry Regulatory Organization of Canada (IIROC) would regulate them. So a client would call IIROC, and IIROC would say, ‘We aren’t quite ready yet to tell you what to do.’ So the platforms were kind of in limbo, through no fault of their own.”

Regulators have long seen a need to regulate crypto exchanges and trading platforms. But the design and mechanics of how crypto trading platforms operate have become increasingly complex and thus complicated to regulate, owing in part to the proliferation of digital tokens.