{"id":86884,"date":"2023-11-20T23:19:24","date_gmt":"2023-11-21T04:19:24","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/canadian-regulators-call-for-feedback-on-crypto-reporting-guidelines\/"},"modified":"2023-11-20T23:19:27","modified_gmt":"2023-11-21T04:19:27","slug":"canadian-regulators-call-for-feedback-on-crypto-reporting-guidelines","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=86884","title":{"rendered":"Canadian Regulators Call for Feedback on Crypto Reporting Guidelines"},"content":{"rendered":"<div>\n<p><noscript><\/noscript>Canadian regulators launched a consultation today asking for feedback in regards to public disclosure of crypto assets from federally regulated financial institutions (FRFIs).<\/p>\n<h2>Digital innovation internationally<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>\u201cDigital innovation is transforming how we transact, manage money, and view value but poses risks to our financial system,\u201d read a statement from the Office of the Superintendent of Financial Institutions (OSFI). \u201cRecent crypto events underscore risks of unregulated financial innovation. Public disclosures enhance transparency, comparability of data, and market discipline for a safer financial system.\u201d<\/p>\n<p>Originally announced in Canada\u2019s federal budget in March 2023, the OSFI\u2019s consultation runs parallel to one launched on October 17th, 2023 by the Basel Committee on Banking Supervision.<\/p>\n<p>Comprised of over 45 members from 28 jurisdictions, the Basel Committee on Banking Supervision is an international standard for bank regulation and a forum for banking supervisory matters. The Basel Committee on Banking Supervision\u2019s proposed regulations would require banks and other financial institutions to provide both quantitative and qualitative data related to their crypto assets in the hopes of providing greater transparency and accountability to the industry.<\/p>\n<h2>\u201cOngoing turbulence in crypto-asset markets\u201d<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>The launch of OSFI\u2019s consultation comes amidst a wave of regulation in the United States following the collapse of enterprises such as Signature Bank and crypto exchange FTX.<\/p>\n<p>Earlier this month, a jury found FTX founder Sam Bankman-Fried guilty on seven different fraud charges. In the weeks following his conviction, the U.S. Senate and House of Representatives have held several hearings in regard to issues surrounding cryptocurrency.<\/p>\n<p>\u201cOngoing turbulence in crypto-asset markets, and the recent high-profile failures of crypto trading platform FTX, and of Signature Bank, have demonstrated that crypto-assets can threaten the financial well-being of people, national security, and the stability and integrity of the global financial system,\u201d the 2023 Canadian federal budget reads in part.<\/p>\n<h2>A $1.2 trillion market<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Between July 2022 and July 2023, the North American crypto market brought in an estimated $1.2 trillion, representing nearly a quarter of all transactions worldwide.<\/p>\n<p>Most recently, Coinbase officially launched into the Canadian market in August, with the company calling the country \u201cthe third most crypto-aware nation\u201d in the world.<\/p>\n<p>\u201cPublic disclosures are crucial for managing risks in banks and insurers, especially regarding crypto-asset exposures,\u201d said Peter Routledge, Superintendent of Financial Institutions. \u201cWe welcome feedback to tailor disclosure expectations to the Canadian context.\u201d<\/p>\n<p>The OSFI\u2019s guidelines which launch by fall 2024 at the latest. Those who wish to provide feedback have until January 31st, 2024 to do so.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/canadian-regulators-call-for-feedback-on-crypto-reporting-guidelines.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian regulators launched a consultation today asking for feedback in regards to public disclosure of crypto assets from federally regulated financial institutions (FRFIs). Digital innovation internationally \u201cDigital innovation is transforming how we transact, manage money, and view value but poses risks to our financial system,\u201d read a statement from the Office of the Superintendent of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":86885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-86884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Canadian Regulators Call for Feedback on Crypto Reporting Guidelines | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Canadian regulators launched a consultation today asking for feedback in regards to public disclosure of crypto assets from federally 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