Canadian regulators are considering changes to how institutions handle risks associated with cryptocurrencies.

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The Office of the Superintendent of Financial Institutions (OSFI) proposed new rules to streamline the capital and liquidity approach for crypto assets. They outlined four categories of digital assets and their respective capital treatment.

The proposed guidelines are aimed at aligning with the evolving risk landscape and international developments.

The OSFI introduced two draft guidelines, one for deposit-taking institutions and the other for insurers, to regulate the capital treatment of crypto-asset exposures.

These guidelines are based on new banking standards for crypto-assets released by the Basel Committee on Banking Supervision. They offer a simplified approach and a comprehensive approach, depending on an institution’s level of exposure to crypto-assets.

Both draft guidelines will be open for public consultation until September 20, 2023. After implementation in early 2025, these guidelines will replace the interim advisory on the regulatory treatment of crypto-asset exposures issued in August 2022.

Canada Implements Stronger Crypto Regulations

Canada has recently implemented stricter regulations on cryptocurrency firms, and this move seems to be coordinated with US regulators. In April, crypto trading platforms were given a 30-day ultimatum to comply with the rules or leave the country.

As a result, major exchanges like Binance and Coinbase chose to exit Canada and explore other registration options. This was followed by SEC allegations in the United States. Similar actions have been observed in the European Union, where new regulations prompted Binance to leave the Netherlands and face investigation by French prosecutors.

The impact of these regulations is still uncertain, but it appears that new crypto hubs are emerging worldwide as countries like Canada and the Netherlands adopt stronger rules.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptocurrencyNews #NFT #Web3 #Blockchain #Canada $BTC

Decentralized exchange platform, dYdX, has announced that it will be winding down user access from Canada due to regulatory reasons. The move is expected to be implemented on April 7th, 2023 at 17:00 UTC, after which new users located in Canada will no longer be allowed to onboard to the exchange. However, existing Canadian users will be given ample time to manage and close their positions on dYdX.

According to the announcement, existing users will still be able to execute trades on the platform for one week, until April 14th, 2023 at 17:00 UTC. After this time, all existing users in Canada will be moved to close-only mode, and they will be able to withdraw their funds from the protocol at any time.

The announcement states that dYdX regrets any inconvenience caused by this restriction, but it is necessary due to the current regulatory climate in Canada. The platform hopes that the regulatory landscape in Canada will change in the future, allowing them to resume services in the country.

dYdX is committed to providing transparency around its product decisions and democratizing access to financial opportunities. The platform currently runs on audited smart contracts on Ethereum, which eliminates the need to trust a central exchange while trading. dYdX combines the security and transparency of a decentralized exchange with the speed and usability of a centralized exchange.

The platform has advised its users to follow their blog and join them on Discord and Twitter for the latest updates regarding dYdX. This announcement is subject to their Terms of Use.

The move by dYdX is the latest in a series of regulatory crackdowns on cryptocurrency-related activities in Canada. The country’s securities regulator has been taking steps to protect investors from fraud and illegal activities in the crypto space. Despite these challenges, the industry remains optimistic that regulatory clarity will ultimately benefit the growth of the crypto sector in Canada.

#Dydx #crypto2023 #Canada #BTC #azcoinnews

This article was republished from azcoinnews.com

Exploring the Shifts in Attitude and Investment Trends
Canada has witnessed a nuanced transformation in investor sentiment, as highlighted by a recent survey conducted by the Ontario Securities Commission (OSC) in collaboration with Ipsos. The findings, while unveiling a slight dip in the number of crypto hodlers, also shed light on the growing complexity of perceptions and attitudes towards digital assets in the Canadian population.

Key Survey Highlights:
1. Decline in Hodlers, Surge in Portfolio Value:
- The survey, encompassing insights from 2,360 Canadians, indicated a marginal decrease in the number of crypto hodlers in 2023. However, the intriguing twist lies in the substantial increase in the average value of their crypto portfolios. Despite a drop from 13% to 10% in the percentage of Canadians owning crypto assets, those who did reported a noteworthy surge in the average portfolio value.
2. Regret and Pessimism Prevail:
- A significant revelation from the survey is that 77% of respondents expressed regret over their crypto investments. This sentiment underscores a prevailing pessimism towards cryptocurrency in Canada. While the percentage of Canadians familiar with basic crypto definitions increased from 51% to 54%, only 34% believe that crypto will play a pivotal role in the future, down from 49% in the previous year.
3. Demographic Insights:
- The demographic breakdown of crypto investors in Canada revealed a notable trend. The majority of crypto asset owners were identified as males aged 25-44, holding higher education diplomas, and engaged in full-time employment.
4. Profitability Amid Skepticism:
- Despite the prevalent skepticism, a considerable 39% of respondents reported profitability in their crypto portfolios compared to their initial investment. This figure, while slightly lower than the previous year's 46%, underscores a resilience in the face of market uncertainties.
5. Changing Investment Motivations:
- The survey also captured shifts in investment motivations. The primary reason for purchasing crypto remained consistent as a speculative investment. However, there was a notable decline in those viewing crypto as a long-term investment, dropping from 29% in 2022 to 20% in 2023.

Global Parallels:
The survey outcomes align with global trends, finding resonance with research conducted in France by the Organisation for Economic Co-operation and Development (OECD). The French study revealed that 9.4% of the population holds crypto assets, placing it in close competition with traditional investment assets like real estate funds.
Conclusion: Navigating Uncertainties in Crypto Investments
As Canada grapples with evolving sentiments surrounding cryptocurrency, investors find themselves at a crossroads of regret and profitability. The survey signals a need for the crypto industry to address concerns and misconceptions, emphasizing education and transparency to bridge the gap between potential and perception. While profit margins remain resilient, understanding and reshaping the narrative around crypto investments will be pivotal in navigating the uncertainties that lie ahead.

#Canada #hodl

Thumbs Up Emoji Can Now Legally Bind You to a Contract

In a groundbreaking verdict, a Canadian judge has established that the thumbs-up emoji holds legal weight in contractual agreements. The ruling comes as emojis become increasingly prevalent in everyday communication, extending even to business contexts.

The case centered around a farmer who faced legal action from a grain buyer after responding to a text message with a thumbs-up emoji, supposedly confirming a contract for selling flax. The buyer argued that the emoji clearly indicated the farmer's agreement to the contract's terms. Conversely, the farmer contended that his intention was solely to acknowledge receipt of the message.

Ultimately, the judge sided with the buyer, deeming the thumbs-up emoji as commonly understood to signify "approval" or "agreement" in digital communications. The judge also highlighted the parties' longstanding business relationship, noting that the farmer had previously used similar emojis to confirm sales agreements.

This ruling serves as a crucial reminder that emojis can carry significant legal consequences. When uncertain about an emoji's intended meaning, it is advisable to err on the side of caution and refrain from using it in professional settings.

It is important to clarify that emojis, in and of themselves, do not possess legally binding power. However, they can be employed to elucidate the intent or context of a contract. This ruling reinforces the notion that emojis can contribute to the interpretation of contractual agreements, particularly when consistent usage patterns exist or when parties share a mutual understanding of their meaning.

As the use of emojis becomes increasingly prevalent, individuals conducting business transactions should exercise caution and ensure clarity in their digital communications. It is advisable to rely on explicit and unambiguous language when entering into contractual agreements to mitigate potential misunderstandings.

The landmark decision in #Canada  highlights the evolving nature of communication in a digital age and underscores the importance of recognizing the potential legal implications of emojis. As society continues to embrace these pictorial representations in various spheres, vigilance, and clear communication remain essential when navigating legal matters.

According to OKX, existing Canadian customers must close open positions in options, margins, perpetual, and futures by June 22, 2023. On March 20, cryptocurrency exchange #OKX informed Canadian users via email that the firm "will no longer provide services or allow users to open new accounts in Canada starting on March 24, 2023, 12:00 AM EST," citing "new regulations". By the specified date, all fiat or tokens must also be withdrawn.

"Your funds will remain safe in your account until you withdraw them. You will be able to withdraw dollars to your linked bank account and cryptocurrency to your self-custody wallet or your cryptocurrency account on another exchange."

According to OKX, its departure from #Canada is "temporary," and the exchange is collaborating with regulators to find a solution. Keep tuned, and we hope to see you again in the future," the OKX staff added. Prior to this, #cryptocurrency exchange Bittrex Global informed its Canadian users that it will be off-boarding them on July 29, 2022, and cited regulatory developments as one of the reasons for doing so.

While they wait to be registered with the regulatory body, Canadian Securities Administrators (CSA) published a notice on February 22 requiring cryptocurrency exchanges to execute additional, legally enforceable undertakings. The new regulation forbids, among other things, "purchasing or depositing Value Referenced Crypto Assets (commonly known as stablecoins) through crypto contracts without the prior written authorization of the CSA," even though it seems #Stablecoins USD Coin (USDC) has not been impacted by the rule.

At the moment, all bitcoin exchanges are required to register with Canadian regulators before accepting customers there. ByBit and KuCoin, two cryptocurrency exchanges, were fined millions of dollars on June 22, 2022, by the Ontario Securities Commission for operating as "non-compliant platforms" in the nation.