Crypto platforms in Canada are having trouble preparing for new stablecoin regulations. Take your time, the Canadian Securities Administrators said.
The Canadian Securities Administrators (CSA) has extended the deadline for crypto trading platforms to conform to regulations regarding stablecoins. This is the second extension of the stablecoin rule enforcement.
The restrictions on value-referenced crypto assets (VRCAs) were first introduced in February 2023. They prohibited stablecoins that were not backed by a single fiat currency (such as algorithmic stablecoins) as of the end of that year. Trading in stablecoins backed by a single fiat currency (FBCAs) was allowed to continue until new regulations came into force on April 30, 2024.
Crypto asset trading platforms reported technical issues in meeting the April 30 deadline, and it was consequently pushed back to October 31. Now the date has been moved to Dec. 31. The CSA stressed that it is open to other mechanisms for meeting its concerns. “The CSA has actively engaged with CTPs [crypto trading platforms] and crypto industry participants,” it said. Furthermore:
