Key points:
- Stablecoin risks prompt tighter Canadian crypto exchange regulations.
- Coinbase, Kraken, and Bitget remain trading volume leaders.
Canada extends crypto compliance deadline to the end of 2024, giving exchanges more time to meet requirements amid concerns over stablecoin risks.
Canada Extends Crypto Compliance Deadline to End of 2024
Due to concerns over stablecoin risks, Canada has extended its crypto compliance deadline to the end of 2024. Exchanges have to comply with new regulations on pain of penalties.
The extension buys platforms more time, either to propose a safer alternative or simply to comply with the regulations. Major Exchanges like Binance and KuCoin have exited while others like Kraken remain.
Read more: 3iQ Solana ETP Expected to Make its First Appearance in Canada
CSA Cites Stablecoin Risks in Extending Crypto Compliance Deadline
The CSA moved to extend the crypto compliance deadline to emphasize investor protection. It has been a very tricky area: regulating stablecoins pegged to the traditional currencies.
Due to non-compliance with the new regulations for exchanges, some penalties or product restrictions may well arise. For having licensed platforms such as Kraken and Coinbase continue to operate, it’s done under tighter rules.
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