According to new reports, Canadian authorities are now working with crypto fanatics and prolific members of the cryptocurrency community in order to start creating more clear regulations for the likes of Bitcoin and other cryptocurrencies in Canada.
The Canadian Securities Administrators (CSA) are now alleged to be working with the Investment Industry Regulatory Organization of Canada (IIROC) in order to best research how cryptocurrency regulations could be rolled out to allow for a more fair crypto environment in Canada. Last week, the pair published a discussion paper that proposes a new regulatory framework that will help shape existing regulations in order to prepare the regulations for future risks and challenges that could arise as the cryptocurrency industry grows.
It does seem that the Canadian authorities have been inspired by seeing some of the tragic events surrounding some of the worlds cryptocurrency exchanges over the past few years, so, like Japan, Canada want to foster a pro cryptocurrency environment that puts responsibility into the hands of the exchanges, it’s the exchanges who will have to ensure cryptocurrency remains a safe and secure investment choice for Canadian people, or so it seems.
The very interesting part of this publication is that is actually invites people within the community to comment on a number of questions proposed by the CSA and IIROC in order to gain a greater insight into what people and local crypto companies believe is really important when considering cryptocurrency regulations.
According to Finance Magnates:
“Most of the questions seem to focus on how to define what constitutes a cryptocurrency exchange, and how far the government should go in its attempts to enforce pre-existing regulatory models onto this new industry. However, it’s clear that Canadian regulators are starting from the ground up in terms of their understanding of how the crypto industry should be regulated. There are still many regulatory holes that will need to be filled; several experts have pointed out the unclear relationship between cryptocurrency and existing securities laws in particular.”
By involving local experts, Canadian businesses and Canadian people, it’s very clear that the authorities want to know more about how they think cryptocurrency regulation should exist, in order to apply regulations in a democratic manner that still allow people to trade cryptocurrency, in the knowledge that their investments are safe and secure.