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Nouveau guide sur les cryptomonnaies publié par les Autorités canadiennes en valeurs mobilières (ACVM)
- In contrast to the US SEC, Canada is recognizing the advantages of cryptocurrency and Bitcoin.
- The CSA has explicitly communicated its perspectives and expectations concerning staking cryptocurrencies.
The Canada Securities Administrators (CSA) have released new regulations for investment funds that hold or plan to invest in crypto assets, with a specific focus on fulfilling the obligations of securities legislation.
In contrast to the US SEC, Canada is recognizing the advantages of cryptocurrency and Bitcoin and is gradually easing restrictions on investments in crypto assets. In the upcoming months, significant crypto events like the 2023 Blockchain Futurist Conference and ETHToronto are set to occur.
Adhering To Current Regulations
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The issuance of a Canadian public crypto asset fund in April 2020 enabled the creation of a non-redeemable investment vehicle solely focused on Bitcoin (BTC). As of April 30th, 2023, there are now 22 Public Crypto Asset Funds in Canada managing a collective total of $2.86 billion in assets.
Additionally, the Canadian Securities Administrators (CSA) provided guidance on how crypto asset investment funds can comply with the existing securities regulatory framework. The CSA has also articulated its views and expectations regarding staking cryptocurrencies, crypto custodians, and the acquisition of cryptocurrencies beyond Bitcoin and Ethereum.
According to the CSA, fund managers need to ensure that there is an active market for the cryptocurrency asset, that the cryptocurrency asset has a regulated futures market, and that indices for the cryptocurrency asset are obtainable from a regulated index provider. There should be a substantial volume of buying and selling activity.
The Canadian Securities Administrators (CSA) recommended implementing publicly accessible indexes that consolidate prices from various sources to produce a spot price for a crypto asset, as this “will help reduce the risks of inaccurate pricing of a specific asset.”
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