Grant Wingo, CEO of the Ontario Securities Commission, reiterated the regulator’s technically neutral stance on cryptocurrencies, while saying that many Canadians plan to become fraudsters in the near future.

In a keynote address to the Canadian Economic Club on October 6, Wingow said that the regulatory framework for stocks and bonds applies equally to crypto contracts, where “the vast majority of crypto entities” fall under the purview of the OSC. According to the head of the OSC, the regulator primarily considered Bitcoin (
BTC

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$19,136

) and ether (
Ethereum

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$1,297

) as commodities, while “market arrangements with investors” are securities.

“As securities regulators, none of the characteristics of crypto assets or their underlying technologies, whether positive or negative, affect our regulatory approach,” Wingo said. “We are not here to pick winners and losers from among investments. We have a cautious and technically neutral approach to all new products entering our market, and use the same arguments when evaluating them.”

He added that the growing cryptocurrency market becoming interconnected with the financial system could be cause for concern, citing the collapse of digital asset exchange QuadrigaCX:

“We know from our research (which will be published later this month) that more than 30 percent of Canadians plan to buy crypto assets next year […] preventing companies from providing inappropriate services in Canada. With limited budget and limited law enforcement personnel to cover All of our capital markets, there’s not much we can do. But we’re making progress.”
“We are not here to pick winners and losers… We take a cautious and technically neutral approach to all new products entering our market,” OSCGrantVingoe CEO on the approach to including the crypto industry in the OSC regulatory environment. Twitter. com / eSlAH0QomR

– OSC News (@OSC_News) October 6, 2022
Related Topics: Clean Encryption: How Much Enforcement Is Too Much?

The Canadian regulator has taken enforcement action against crypto firms Bybit and KuCoin, mostly alleging violations of securities laws and use of unregistered platforms to trade crypto assets. As of August 15, nine companies are listed as registered crypto companies under the OSC, including Fidelity Digital Assets, Newton Crypto, and Bitbuy.

Source: CoinTelegraph

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