An overview of the existing regulatory requirements applicable to CTPs;
Key risks identified by the CSA and IIROC from the operation of CTPs;
Areas where flexibility may be available in how regulatory requirements will be applied to CTPs; and
Compliance steps that a CTP needs to take, including interim steps that may allow a CTP to operate as it prepares to fully integrate into the securities regulatory framework.
Beyond indicating that CTPs operating in Canada are subject to regulation under the current securities regulatory framework, the Staff Notice notes that an existing registered firm that introduces crypto asset products and/or services will be required to report changes in its business activities to its principal regulator, and in the case of investment dealers, to IIROC.
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FINTRAC ) in December 2020.
6 RevoluGROUP has been
operating in Europe, where open banking is permitted, and is now
aiming to launch their banking app, RevoluPAY in Canada.
For more information on the development of open banking/CDF in
Canada, along with its risks and merits, please refer to our February 2019, July 2019, and February 2020 bulletins.
Payments Canada Modernization
On December 8, 2016, Payments Canada announced a multi-year plan to
modernize Canada s payment systems. This plan included
implementing real-time payment capability (
Real-Time
Rail ) and a new core clearing and settlement system
(
Lynx ) that would replace the current
Large Value Transfer System.
The payments modernization plan continued in 2020, as on June