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The CSA has stated that crypto trading platforms in the country need to meet the regulations concerning stablecoins, and has extended the deadline a second time. In late February, rules were imposed banning non-fiat backed assets while extending the use of fiat backed assets (FBA) until further restrictions came into play. The first compliance deadline of April 30, 2024 was shifted to October 31 because trading platforms complained of technical issues. It is for this reason that the new compliance date has now been set to end of December 2024.
Originally implemented in February 2023, the new regulations prohibited the use of algorithmic stablecoins—that is, stablecoins not backed by a single fiat currency. Although trading in fiat-backed stablecoins (FBCAs) was permitted, platforms have struggled technically to fulfill criteria. Originally extending to October 31, the CSA has now changed the date to year-end.
The CSA said the delay is aimed to give more time to guarantee compliance, so it is open to alternatives from platforms to meet investor protection criteria.
Only value-referenced crypto assets (VRCAs) that satisfy CSA requirements will be authorized for trading following December 31.
Already, a few foreign exchanges—including Binance, OKX, and Bybit—have left the Canadian market earlier this year under the new laws. By contrast, Kraken has promised to remain; its managing director for Canada has praised the “clear regulatory pathway” and called the authorities “collaborative.” Gemini registered pre-registically in April 2023, the first step toward being a limited dealer in the nation.
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