Canada financial regulator seeks feedback on crypto disclosures

3 views 3:44 pm 0 Comments November 20, 2023

Canada’s financial watchdog said on Monday it was seeking feedback on the public disclosure of cryptocurrency assets by federally regulated financial institutions, joining global regulators in ramping up scrutiny on the volatile sector.

The consultation by Canada’s Office of the Superintendent of Financial Institutions (OSFI) comes after the agency proposed new guidelines for crypto assets in July, citing a risky environment.

The cryptocurrency market is on the mend a year after the collapse of exchange FTX and other big players pummeled prices and prompted regulators worldwide to look closely at banks dealing with crypto assets.

The OSFI’s consultation will run alongside another from the Basel Committee on Banking Supervision (BCBS). This global supervisory body has also sought feedback from internationally active banks on disclosing crypto-asset exposures.

This article was generated with the support of AI and reviewed by an editor. For more information, see our T&C.