Canadian regulators want to ensure that crypto-asset trading platforms know that they will not be able to evade Canadian and Ontario securities law sanctions by withdrawing from the Canadian market. The Ontario Securities Commission will continue to collaborate with international securities authorities to pursue enforcement action against non-compliant CTPs, regardless of the location of their operations.
On April 12, 2023, the Canadian Securities Administrators CSA announced that certain unregistered crypto-asset trading platforms CTPs operating in Canada had filed an enhanced pre-registration undertaking with their principal regulator as required by, and following the publication of, CSA Staff Notice 21-332 SN 21-332. SN 21-332 introduced new regulatory requirements that CTPs must satisfy to continue operating in Canada pending their registration, and provided clarifying guidance with respect to whether value-referenced crypto-assets constitute securities and/or derivatives.
On February 22, 2023, the Canadian Securities Administrators CSA released Staff Notice 21-332 SN 21-332, which introduces enhanced pre-registration requirements that apply to unregistered crypto-asset trading platforms CTPs operating in Canada.
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