With this agreement, Crypto.com establishes a commitment to the Commission Ontario Securities Commission and with the Canadian Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission. The company offers its services throughout the North American country, including the state of Ontario.
- Crypto.com achieves agreement with the OSC and will operate in Ontario
- The agreement empowers Crypto.com to operate across Canada
- La OSC has taken a very controversial stance against crypto exchanges.
The cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchange that offers its services internationally, Crypto.com, announced the signing of a registration commitment with the Ontario Securities Commission (OSC) one of the most controversial and rigid Canadian regulators in the entire country.
El acuerdo entre Crypto.com and the OSC
According to published information through the middle Finbold , the agreement concluded by Crypto.com with the OSC and all Canadian jurisdictions through the Canadian Securities Administrators (CSA) The exchange is the first of its kind to operate locally under the new regulatory frameworks.
In a press release published by the exchange, the CEO of Crypto.com, Kris Marshal, comentó:
“Compliance underscores everything we do at Crypto.com. The North American market, and Canada specifically, represent a significant area of potential growth for the cryptomarket, and we are proud to work with OSC and CSA to provide Canadian customers with access to a secure and trusted global platform.”
Among the commitments made by Crypto.com, agreed to collaborate actively with the OSC to ensure that all its products and services comply with the regulations currently in force in Canada. It is worth noting that the exchange already complies with the guidelines of the Financial Transactions and Reports Analysis and Analysis Centre of Canada (FINTRAC) and theAutorité des marchés financiers (AMF) of Quebec.
The position of the OSC
The agreement reached by Crypto.com is also particularly noteworthy, especially in view of the position taken by the OSC in relation to cryptocurrency trading through the major exchanges looking to operate in Ontario.
At the end of last June the OSC filed charges against the exchanges KuCoin y Bybit, which it accused of failing to comply with regulations implemented in March 2021 by not contacting the regulator to adjust courses of action. This resulted in fines of USD $1.9 million each if they wished to continue operating within the state.
Beforehand Binance also had issues with the regulator, but after a series of meetings in late 2021 they reached an agreement that allows the exchange to offer its services in Ontario.
On the other hand, the position of the OSC is far removed from the more conciliatory attitude taken by other regulators, even leading several parliamentarians to call for a more appropriate regulation for the sector, as a restrictive perspective would drive away investment from important international players with well-established positions.
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Article by Angel Di Matteo / DiarioBitcoin
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