The Canadian Securities Administrators (CSA) has extended the deadline given to crypto trading platforms to comply with stablecoin regulations. This is the second extension of the stablecoin rule implementation.

The restrictions, introduced in February 2023, banned stablecoins that were not backed by a single fiat currency. Trading in stablecoins backed by a single fiat currency was allowed until April 30, 2024.

The CSA first postponed this date to October 31 due to technical issues, and now to December 31. The CSA has stated that it is open to alternative mechanisms that address investor protection concerns.

The new regulations have led some foreign exchanges to withdraw from Canada. However, Kraken has expressed its commitment to staying in Canada and Gemini has applied for restricted merchant status.

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