The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) have issued a statement “reminding” crypto trading platforms must comply with Canadian securities laws by registering as investment dealers and having membership with CIRO.
The CSA noted that it contemplated an interim approach, which allowed crypto trading platforms to operate as restricted dealers in an appropriately regulated environment for a time-limited period while working toward obtaining CIRO membership.
Membership with CIRO was generally expected to take two years.
The CSA stated:
“We encourage all CTPs to consult their legal counsel about Canadian securities law and CIRO rules, and to contact their principal regulator or CIRO staff with any questions.”