{"id":197227,"date":"2023-11-21T00:11:45","date_gmt":"2023-11-20T18:41:45","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=197227"},"modified":"2023-11-21T00:11:45","modified_gmt":"2023-11-20T18:41:45","slug":"crypto-regulation-in-canada-might-gain-traction-with-this-move-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/crypto-regulation-in-canada-might-gain-traction-with-this-move-crypto-news\/","title":{"rendered":"Crypto regulation in Canada might gain traction with this move – Crypto News"},"content":{"rendered":"

<\/p>\n

\n

Canada\u2019s Office of the Superintendent of Financial Institutions (OSFI) is requesting <\/a><\/span>feedback on cryptocurrency exposure reporting rules from members of the public, particularly financial institutions in line with implementing crypto regulation.\u00a0<\/span><\/p>\n

Canadian OSFI Plans to Mitigate Crypto Risks<\/strong><\/h2>\n

The Canadian banking regulator has made an open call, requesting for guidelines on how banks should report their exposure to crypto assets. Peter Routledge who heads OSFI, gave context to the request of the Canadian agency.<\/span><\/p>\n

<\/p>\n

\u201cPublic disclosures are crucial for managing risks in banks and insurers, especially regarding\u00a0crypto-asset exposures. We welcome feedback to tailor disclosure expectations to the Canadian context,\u201d Routledge explained.\u00a0<\/span><\/p>\n

Markedly, OSFI is taking this step to mitigate the risks involved<\/a><\/span>\u00a0in transacting within an unregulated financial ecosystem. The regulator acknowledged the transformative potential of digital innovation but also highlighted the risks that come with it, hence, the need for crypto regulation.<\/span><\/p>\n

According to a recently <\/span>published<\/span> statement, \u201cDigital innovation is transforming how we transact, manage money, and view value but poses risks to our financial system.\u201d Buttressing the its plans, the government highlighted that;<\/span><\/p>\n

<\/p>\n

\n

\u201cRecent\u00a0crypto\u00a0events underscore risks of unregulated financial innovation. Public disclosures enhance transparency, comparability of data, and market discipline for a safer financial system.\u201d<\/span><\/p>\n<\/blockquote>\n

If all goes as planned, the guidelines draft on public disclosure is billed to be released by the fall of next year. It is worth noting that a non-attributed summary of comments received, along with OSFI\u2019s responses will be published together with the drafted guidelines. The final rules will be communicated by 2025 during winter.\u00a0<\/span><\/p>\n

<\/p>\n

It is expected that by the fourth quarter of 2025, the crypto regulation rule would have taken full course.<\/span><\/p>\n

Cross Ecosystem Collaboration on Crypto Regulation<\/strong><\/h2>\n

In line with the Canadian digital currency regulation push<\/a>,<\/span>\u00a0the Basel Committee on Banking Supervision (BCBS) is also waiting for feedback from internationally active banks through its own consultation. The OSFI plans to fuse the development which will eventually surface from BCBS, with feedback it receives from its consultation.\u00a0<\/span><\/p>\n

\u00a0<\/span>The Canadian regulator is seeking public opinion on three questions. \u201cWhat, if any, technical aspects of the BCBS disclosure tables and templates should be amended for banks and insurers in the Canadian context?\u201d. Next is \u201cWhat key considerations should we factor in to ensure proportionality of disclosures?\u201d<\/span><\/p>\n

Lastly, \u201cWhat other considerations raised by the BCBS consultation should we keep in mind in developing Canadian disclosure expectations?\u201d.<\/span><\/p>\n

In all, the goal aligns with the precepts of Markets in Crypto Assets (MiCA) \u2013 the robust framework spearheaded by the EU<\/a><\/span> \u2013 to protect consumers.<\/span><\/p>\n

<\/p>\n

\n
\n

\u2713 Share:<\/p>\n

<\/a><\/p>\n

\n
\n \"coingape\"
\n<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

<!– <\/p>\n

\n
\n
\n
\n

<\/p>\n

\"\"\"\"<\/div>\n
Top Crypto Marketing Firms \/ Agencies 2023; Here\u2019s Best Picks [Updated]\n <\/div>\n

<\/a><\/p><\/div>\n<\/p><\/div>\n

\n
\n

<\/p>\n

\"\"\"\"<\/div>\n
Top 10 Web3 Games To Explore In 2023; Here List\n <\/div>\n

<\/a><\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

–><\/p>\n

\n
\n
\n
\n
\n<!–<\/p>\n
<\/div>\n

–><\/p>\n

\n

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, Linkedin<\/a> <\/p><\/div>\n<\/p><\/div>\n

\n \"\"\"\" <\/div>\n<\/p><\/div>\n<\/p><\/div>\n
\n

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

<!– <\/p>\n

\n
\n Crypto Stories<\/span><\/p>\n

View all<\/a>\n <\/div>\n

\n
\n
\n
\n <\/p>\n
\"TechCrunch\"TechCrunch<\/div>\n
OpenAI Leadership Transition from Sam Altman To Emmett Shear <\/div>\n

<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\n
\n
\n <\/p>\n
\"UNEXPECTED\"UNEXPECTED<\/div>\n
Unexpected Turn: OpenAI CEO Sam Altman\u2019s Abrupt Firing <\/div>\n

<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\n
\n
\n <\/p>\n
\"WhatsApp\"WhatsApp<\/div>\n
Binance Japan Adds New Tokens; HBAR, NEAR, OP <\/div>\n

<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

–><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Canada\u2019s Office of the Superintendent of Financial Institutions (OSFI) is requesting feedback on cryptocurrency exposure reporting rules from members of the public, particularly financial institutions in line with implementing crypto regulation.\u00a0 Canadian OSFI Plans to Mitigate Crypto Risks The Canadian banking regulator has made an open call, requesting for guidelines on how banks should report […]<\/p>\n","protected":false},"author":2,"featured_media":197228,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-197227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/197227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=197227"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/197227\/revisions"}],"predecessor-version":[{"id":197230,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/197227\/revisions\/197230"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/197228"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=197227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=197227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=197227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}