On March 29, 2021,the Canadian Securities Administrators (the “CSA”) and the Investment Industry Regulatory Organization of Canada (“IIROC”) jointly published CSA/IIROC Staff Notice 21-329 – Guidance for Crypto Asset Trading Platforms: Compliance with Regulatory Requirements (the “Notice”). The Notice introduces a novel interim regulatory approach applicable to certain crypto asset trading platforms and provides guidance on the application of securities legislation to platforms (“Crypto Asset Trading Platforms” or “CTPs”) that facilitate or propose to facilitate the trading of (i) crypto assets that are securities (“Security Tokens”) or (ii) instruments or contracts involving crypto assets (“Crypto Contracts”). Under the new guidance, CTPs that satisfy conditions described in this Insight will be subject to registration requirements under Canadian securities laws. In addition, the Ontario Securities Commission (the “OSC”) has notified CTPs that currently offer trading in derivatives or securities to persons or companies located in Ontario that they must contact OSC staff by April 19, 2021, to discuss how to bring their operations as a dealer or marketplace into compliance.
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This piece was originally published on dentons.com