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The Canadian Securities Administrators (CSA) has included crypto-assets and blockchain technology in its priorities over the next three years.
The CSA last week published its Business Plan for 2019-2022, which sets out the priorities of its members over the course of the next three-year period. The document lists six strategic goals, with the last one relating to “technology-related emerging regulatory issues.”
The regulator noted that the with the growing influence of social media platforms, companies, dealers, advisers, intermediaries and investors have immediate, direct and widespread access to the information that was previously available only to institutions and sophisticated investors.
“The CSA is considering the implications of emerging technologies, such as the growing influence of social media and innovation in distributed ledger technology (DLT), including blockchain,” the document reads. “The CSA should consider implications of activist short selling in the context of this technology.”
Speaking of crypto-assets, the CSA said that it will consider possible changes to adapt the existing regulatory framework to address the unique challenges brought by crypto-assets that fall under its jurisdiction.
The regulator further noted that there are currently no platforms that facilitate secondary trading of crypto-assets that are regulated as a marketplace in Canada. However, depending on how they operate and the crypto-assets being offered, some of these platforms may be subject to securities or derivatives regulation.
As such, the CSA is considering developing a “tailored regulatory regime for crypto-asset trading platforms that are subject to securities or derivatives regulation.”
In addition, it is also considering custodial requirements for registrants and investment funds that facilitate custody solutions for the trading and holding of regulated crypto-securities. The CSA will also analyze whether a more tailored approach to capital raising and disclosure requirements would be required when crypto assets are used to raise funds for various types of enterprises.
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