Canada introduces pre-registration undertakings for crypto companies

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Last Update: February 23, 2023

2 mins read

Stablecoins will not be part of the regulatory permit’s terms and conditions as stated by the regulator.

The Canadian Securities Administrators (CSA) has published a new set of criteria which crypto asset trading platforms (CTPs) must meet before they can be registered in Canada.

Moving forward, CTPs will have to enter legally binding agreements with regulators, known as pre-registration undertakings (PRUs).

Regulators will insist that any applying CPT complies fully with the terms set out under the PRU and meet all criteria prior to receiving a license. There are numerous factors in the PRU that need to be met.

One is that the CSA explicitly prohibits buying and depositing of value-referenced crypto assets (VRCA) or stablecoins, by consumers or CTPs.

According to the regulator, these assets are securities as they meet several criteria to be classified as such.

However, the CSA seems to be well-versed in cryptocurrency and blockchain to be able to draw a line between certain exceptions.

For example, VRCAs are an admissible asset and a good store of value during times of volatility – an important recognition for cryptocurrencies and their true value to mainstream finance.

The CSA is a unifying body for provincial regulators in the country and has been working to actively create a safe and responsible crypto framework.

The CSA also reminds investors to make sure that they consult with the regulator’s list of registered and approved platforms before they register at a platform.

The decision to prohibit stablecoins is not surprising, as Crypto.com previously delisted USDT from its Canadian-facing website.

Looking for your next crypto casino? Check out: Mega Dice or FortuneJack

Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.
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