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If you have any questions about crypto assets or to report suspected fraud.
Tel: 1-877-785-1555
Email: inquiries@osc.gov.on.ca
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Whether cryptocurrencies are regulated depends on their specific characteristics. Bitcoin for example, is not regulated.
Crypto assets that are securities or derivatives and crypto-related products like Bitcoin ETFs and crypto trading services, like crypto asset trading platforms, may be regulated by provincial or territorial securities regulators if they are sold or marketed by or to Canadians.
Canadian securities regulators have issued guidance to assist companies and set expectations on the types of products and services that may be considered securities or require regulatory oversight.
Guidance has also been provided on the requirement to be registered under securities laws for entities that offer crypto assets and crypto-related products. In particular, crypto asset trading platforms are generally expected to be registered as investment dealers and be members of the Investment Industry Regulatory Organization of Canada (IIROC).
However, the Canadian Securities Administrators (CSA) has permitted crypto asset trading platforms to register for a time limited period as a restricted dealer while they prepare for and work through the process to be an IIROC investment dealer.
The OSC is continuing to review new applications from platforms seeking registration.
The OSC has also launched enforcement actions against several crypto asset trading platforms.
Crypto asset trading platforms that offer trading in derivatives or securities to investors located in Ontario, or operate from Ontario to investors elsewhere, must comply with securities rules and regulations.
Currently, there are few crypto asset trading platforms that are registered in Ontario. Others may join the list as the OSC continues its discussions and review of applications.
Always check the registration of any crypto asset trading platform before giving your money to them. Checking registration helps protect you from unqualified or fraudulent individuals and companies.
If you’re thinking about getting into crypto assets, the OSC is here to help you make a more informed decision.
Get unbiased information and independent tools about investing and money at GetSmarterAboutMoney.ca.
Find out if a crypto asset trading platform is registered in Ontario.
Is the crypto asset trading platform you plan to use registered in Canada?
See if the crypto asset trading platform has any investor alerts or warnings issued against it.
Contact the OSC if you have any questions about crypto assets or you want to report suspected fraud.
So, who are the key regulators when it comes to crypto assets?
The mandate of the OSC is to help protect investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. If a crypto asset is a security or derivative, or is traded in a manner such that there is a security or derivative, the crypto asset trading platform must be registered with the OSC.
The Canadian Securities Administrators (CSA) is the umbrella organization of Canada’s provincial and territorial securities regulators. Its mission is to improve, coordinate and harmonize regulation of Canadian capital markets. The CSA works with local securities regulators and IIROC to offer guidance on crypto asset trading platforms.
The Investment Industry Regulatory Organization of Canada (IIROC) is a pan-Canadian self-regulatory organization that oversees all investment dealers and trading activities in Canada’s debt and equity markets. IIROC works with securities regulators to offer guidance on crypto asset trading platforms.
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