On November 16, 2022, the Office of the Superintendent of Financial Institutions (OSFI), the Financial Consumer Agency of Canada (FCAC), and the Canada Deposit Insurance Corporation (CDIC) (collectively, the Federal Agencies) released a joint statement (the Statement) addressed to federally regulated entities involved in crypto-asset activities or crypto-related services. The Statement reinforces the Federal Agencies’ expectations that regulated entities should adhere to applicable regulatory requirements and guidance when engaging in the crypto space.
The Statement set out how the Federal Agencies are monitoring the management of risks associated with crypto-asset activities by entities. The Federal Agencies believe that such risks should be clearly understood and addressed for any planned activity, and direct regulated entities to ensure that any crypto-asset activity complies with existing federal financial laws and issued regulations or guidance. In accordance with this position, the Statement describes the key competencies and guidance of each of the Federal Agencies as they relate to the subject matter:
Summary By: Imtiaz Karamat
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