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Canada Crypto Exchanges Rush as CIRO Membership Deadline Nears

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Canada’s regulators have provided the CTPs with a deadline to complete their applications for Investment Dealer status and membership with Canadian Investment Regulatory Organization (CIRO).

This push comes at the end of the previously allowed transitional period when Canadian crypto trading platforms (CTPs) are expected to meet established financial regulatory standards.

Deadline Approaches for Canada Crypto Exchanges

With the CIRO membership deadline fast approaching Canadian CTPs are rushing to ensure that their business practices meet with the necessary legal standards. The CSA and CIRO have recently sent out reminders to these platforms noting the need to move from being restricted dealers to fully recognized investment dealers.

This is of paramount importance for CTPs as they will preserve their legal status in the context of the financial market of Canada.

In a staff notice that was released in march 2021, it was made known that CTPs were given a temporary period of time within which they could offer their products while seeking for full authorization. 

Nevertheless, as stated by the CSA,

“Given the time that has elapsed, CSA members expect that CTPs would have thoroughly assessed and understood the requirements for registration as investment dealers and CIRO members and be working closely with CIRO on their applications.”

Regulatory Compliance Urged

This is not a new thing as more organizations are being forced to adhere to the set regulations. Formerly, the CSA and CIRO have given some recommendations and have also offered an interim measure which gave some lenient stance on the operations of crypto exchanges

However, this approach is now being phased out with clear expectations set for CTPs to meet the full requirements of CIRO membership.

According to these provisions, some of the platforms have been compliant, for instance, Coinsquare has transitioned and had CIRO membership. Some other platforms, however, have decided to withdraw from the Canadian market instead of adhering to the strict rules, which also speaks to the heterogeneity of the industry’s approaches.

Next Steps for Crypto Exchanges

This move comes after a series of events that the Canadian authorities have taken to enhance the regulation of the market particularly after the occurrences that led to the collapse of many blockchain companies. 

This strong approach of CIRO and the CSA is to contribute to the creation of a safer and more controlled space for the Canada crypto investors.

CTPs are now expected to provide comprehensive application and prove their operational preparedness, financial fitness, and compliance with CIRO’s standards. Concurrently, CIRO has developed a Readiness Questionnaire to help platforms determine their level of readiness for the joining CIRO. This is part of the screening done by CIRO to make sure that the platforms that are admitted to the membership are capable and meet set legal requirements.

Read Also: Donald Trump’s Son Teases Big Announcement On Crypto

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Kelvin Munene Murithi

Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bitvavo Taps Nasdaq To Bolster Security Ahead MiCA Implementation

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Crypto exchange Bitvavo has signed an agreement with Nasdaq today to boost market abuse detection and analysis ahead of the implementation of the Markets in Crypto-Assets Regulation (MiCA) in the European Union. The exchange commits to improving security, trust, and stability amid the paradigm shift in crypto adoption globally.

Bitvavo To Use Nasdaq Market Surveillance

The largest cryptocurrency Euro spot exchange globally Bitvavo and Nasdaq have entered into an agreement to use the Market Surveillance technology across the crypto exchange, as per an announcement on July 31. The exchange seeks to further boost the trust, transparency, and integrity of its marketplace ahead of MiCA implementation.

Amsterdam, the Netherlands-headquartered crypto exchange Bitvavo aims to bolster market abuse detection through detailed trading insights, order book replay with a consolidated audit trail, and analyze suspicious activity through alerts. The Nasdaq Market Surveillance will help the exchange in producing detailed reports to share with regulators.

“Partnering with Nasdaq allows us to leverage their proven expertise to effectively detect, monitor, and mitigate market abuse risks, enhance operational efficiency, and provide a more secure and stable trading environment for our clients,” said Jeetan Patel, Chief Risk Officer at Bitvavo.

Also Read: Fidelity Launches Bitcoin ETP On London Stock Exchange

Compliance With MiCA

The technology will also help Bitvavo to support early compliance with the EU’s Markets in Crypto-Assets Regulation (MiCA). The new legal framework will support digital asset market by regulating crypto asset trading and ensuring consumer protection. Also, it places strict rules and requirements on crypto exchanges to detect and report potential market abuse.

Tony Sio, Head of Regulatory Strategy and Innovation at Nasdaq, said: “Our market surveillance technology can play a powerful role in enhancing the integrity of digital asset exchanges, helping to deliver many of the objectives of the incoming MiCA regulation.”

At the recent EthCC event, Circle’s policy head, Patrick Hensen, outlined the transformative impact MiCA could have on the industry.

Also Read: Binance Announces Listing Of These Trending Crypto Ahead Market Recovery

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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