Canada proposes new capital rules for crypto holdings
The Office of the Superintendent of Financial Institutions opens public consultations on two draft guidelines, updating its approach to capital and liquidity for crypto assets.
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Canada's financial watchdog is proposing changes to its approach to capital and liquidity for crypto assets, according to a July 26 announcement. According to the Office of the Superintendent of Financial Institutions (OSFI), the proposed rules will simplify institutions' approach to perceived crypto risks, defining four classes of crypto assets and their treatment of capital.
OSFI is opening public consultations on two draft guidelines until September 20. One of the guidelines pertains to federally regulated depository institutions, such as banks and credit unions, while another addresses the regulatory capital treatment of cryptoasset exposure for insurers. .
“Depository institutions and insurers need clarity on how to treat capital and liquidity exposures to cryptoassets. We look forward to giving them that clarity through these new guidelines that reflect industry commentary and international standards,” said OSFI Superintendent Peter Routledge.
In line with @BIS_org's new banking standards for exposures to #cryptoassets, we have drafted guidelines tailored to Canada.
Share your feedback on proposed changes to our approach to capital and liquidity for #cryptoassets. https://t.co/M45FFFbUtZ pic.twitter.com/xbrgsk0XKO
— Superintendent of Financial Institutions (@OSFICanada) July 26, 2023The new rules seek to reflect an "evolving risk environment", notes the regulator. The rules also deal with changes
The Office of the Superintendent of Financial Institutions opens public consultations on two draft guidelines, updating its approach to capital and liquidity for crypto assets.
News
Join us on social networks
Canada's financial watchdog is proposing changes to its approach to capital and liquidity for crypto assets, according to a July 26 announcement. According to the Office of the Superintendent of Financial Institutions (OSFI), the proposed rules will simplify institutions' approach to perceived crypto risks, defining four classes of crypto assets and their treatment of capital.
OSFI is opening public consultations on two draft guidelines until September 20. One of the guidelines pertains to federally regulated depository institutions, such as banks and credit unions, while another addresses the regulatory capital treatment of cryptoasset exposure for insurers. .
“Depository institutions and insurers need clarity on how to treat capital and liquidity exposures to cryptoassets. We look forward to giving them that clarity through these new guidelines that reflect industry commentary and international standards,” said OSFI Superintendent Peter Routledge.
In line with @BIS_org's new banking standards for exposures to #cryptoassets, we have drafted guidelines tailored to Canada.
Share your feedback on proposed changes to our approach to capital and liquidity for #cryptoassets. https://t.co/M45FFFbUtZ pic.twitter.com/xbrgsk0XKO
— Superintendent of Financial Institutions (@OSFICanada) July 26, 2023The new rules seek to reflect an "evolving risk environment", notes the regulator. The rules also deal with changes
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