The Canadian Securities Administrators says crypto-trading platforms don’t necessarily fit the existing regulatory structure because some of their functions are similar to regulated exchanges but other functions are similar to dealers, custodians and clearing agencies.

Canadian regulators eye framework to cover crypto trading platforms

Regulators invite interested parties to submit written comments

The regulatory bodies that oversee Canada’s stock markets are seeking feedback on appropriate requirements for platforms that trade cryptocurrencies such as Bitcoin, Ethereum and Ripple.

The provincial regulators represented by the Canadian Securities Administrators and the Investment Industry Regulatory Organization of Canada published their proposed framework on Thursday.

READ MORE: Search into missing cryptocurrency from B.C.-based exchange turns up empty ‘cold wallets:’ Report

The CSA says crypto-trading platforms don’t necessarily fit the existing regulatory structure because some of their functions are similar to regulated exchanges but other functions are similar to dealers, custodians and clearing agencies.

The consultation paper invites interested parties to submit written comments on a variety of questions by May 15. The responses will help the regulators as they craft a new framework for crypto-trading platforms.

Among other things, the paper asks in its section on surveillance of trading activities if it’s appropriate for the platforms to set rules and monitor trading activities on their own marketplace.

The paper also asks what standards should be in place to limit the risk of crypto assets being lost or stolen and what type of insurance coverage the platforms should be required to obtain.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Rain a welcome sight for Williams Lake

Things are definitely greening up due to a rainy start to the May long weekend

Station House looking for artists for 2019 group show Uncover It

All pieces for this multimedia exhibit are to be based on the cover art for albums

Boaters in B.C. asked to help stop spread of invasive species

Clean Drain Dry signage is displayed at boat launches across the province

RANCH MUSINGS: Soil Biological tools to build resilience and food security

Sometimes we get world-class speakers to present to the students at Thompson Rivers University

BREAKING: Hotel roof jumper in custody following a standoff with RCMP

A man apparently suffering from drug withdrawal was prevented from jumping off Slumber Lodge Hotel

Kelowna RCMP interrogation video brings home reality in ‘visceral way’: former TRC chairman

Video of Mountie interrogating young Indigenous woman disclosing sexual abuse under fire

B.C. residential school survivor’s indomitable human spirit centre of school play

Terrace theatre company plans to revive Nisga’a leader Larry Guno’s Bunk #7 next year

Canadian killed in Honduras plane crash

The crash happened in the Roatan Islands area, according to officials

B.C. ferry stops to let black bear swim past near Nanaimo

Queen of Oak Bay brakes for wildlife in Nanaimo’s Departure Bay

Mother dead, child in critical condition after carbon monoxide poisoning at Shuswap campground

The woman was found unresponsive insider her tent and the youth was taken via air ambulance to hospital

Canada’s parole officers say correctional system has reached breaking point

About half of Canada’s federal parole officers work inside penitentiaries and correctional institutions

Montreal researchers create audible hockey puck for visually impaired players

Three years ago, Gilles Ouellet came up with the idea for a puck that makes a continuous sound

Former B.C. Greyhound bus drivers head to Penticton for goodbye party

Big bash runs until Sunday, funded by drink cans left behind on busses over the years

Boy, 12, arrested after allegedly pulling a knife on another child at a Surrey park

The child was later released into his parents’ custody as Surrey RCMP continue their investigation

Most Read