The Canadian government stated in a new 2023 budget plan that federally regulated pension funds in the country would be required to notify the Office of the Superintendent of Financial Institutions (OSFI) about their exposure to #crypto assets.
The government is attempting to protect Canadians' retirement benefits in the aftermath of several high-profile financial bankruptcies affecting pension funds. It includes the recent #FTX crypto exchange and #Celsius Network failures.
Simon Dixon, CEO of BnkToTheFuture, commented on the new regulatory requirement on Twitter. He claimed that Canadian pension funds are suffering from "Crypto PTSD" (post-traumatic stress disorder) as a result of their investment in the Sam Bankman-Fried-led FTX exchange after suffering significantly from the collapse of Celsius.
Notably, the Ontario Teachers' Pension Plan wrote down the entire $95 million investment in FTX, effectively reducing the investment's value to zero. Other Canadian pension funds, such as the Caisse de dépôt et placement du Québec (CDPQ) in Quebec, had previously written off a $150 million investment in Celsius Network, implying that it no longer expected to recover that investment.
After months of litigation, Celsius recently announced that it had reached a settlement with the Custody Ad Hoc Group and the UCC. The settlement will allow eligible account holders to opt-in and reclaim the majority of their digital assets from the Custody Program. Notably, those who opt in will eventually receive 72.5% of their digital assets back.
This news is republished from https://coinaquarium.io/
