According to the Daily Planet, according to an official announcement, the Office of the Superintendent of Financial Institutions of Canada (OSFI) proposed to change its capital and liquidity program for crypto assets to reflect the changing risk environment and international developments.
OSFI announced two draft guidances on the regulatory capital treatment of crypto-asset risks, one for federally regulated depository institutions and the other for insurance companies.
The Basel Committee on Banking Supervision published new bank standards for crypto-asset exposure in December 2022. In response, OSFI took the opportunity to draft this more detailed guidance for Canada.
The two draft guidelines will be open for public comment until September 20, 2023, will replace the interim consultation on the regulatory treatment of crypto-asset risks issued in August 2022, and will come into effect in early 2025.