Toronto, Wednesday, August 21, 2024 – The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) announced on August 6 that crypto trading platforms are required to follow Canadian securities laws concerning the deadline to complete the applications to nominate as investment dealers.
Now crypto trading platforms (CTPs) in Canada are mandated to register as investment dealers and becoming CIRO members to engage in the industry.
Crypto trading platforms are allowed to work as restricted dealers within a fully regulated sphere for two years, while the performances of CTPs will be upgraded to obtain CIRO membership.
In 2021, crypto trading platforms were named ‘restricted dealers’ operating in the field for a temporary period.
Later, CSA and CIRO set out the crypto trading platforms to be fully authorized.
The active crypto trading platforms that retain a healthy rapport with CSA members are required to contact the principal regulator to check if time-limited registration as a restricted dealer is suitable for the particular CTP.
“All membership applications undergo an extensive review by CIRO staff. Once satisfied that the CTP can comply with CIRO By-laws and Rules, CIRO staff will forward their recommendation to CIRO’s Board of Directors for decision,” the CSA announcement read. 1
- https://www.securities-administrators.ca/news/csa-and-ciro-expect-crypto-trading-platforms-to-prioritize-applications-for-investment-dealer-registration-and-ciro-membership/ [↩]
