CIRO executive Suzanne Lasrado offered her opinion on the regulatory guidelines affecting Canadian stablecoin users at the Blockchain Futurist Conference.
According to a Canadian self-regulatory organization executive, securities regulators’ tightened requirements on stablecoins are “grounded in core investor protection.”
Speaking on a panel at the Blockchain Futurist Conference in Toronto on Aug. 13, Suzanne Lasrado, vice president of member services and innovation at the Canadian Investment Regulatory Organization (CIRO), suggested the requirements on digital assets released by the Canadian Securities Administrators (CSA) in 2023 may have been necessary for investor protection in Canadian markets. The rules, affecting many exchanges offering services to Canadians, led to the exodus of firms, including Binance, but prompted others like Gemini to adhere to the updated guidelines.
“If we look at the actual substance of what the CSA is imposing as conditions — offering stablecoins, or value-referenced crypto assets as they’re calling it — they are grounded in core investor protection and fair disclosure principles,” said Lasrado. “It is what is held investor protection from a securities standpoint it would stand in Canada. I’m sure that was what the CSA was thinking about when they put a lot of those conditions in place.”
