Canada financial regulator seeks feedback on crypto disclosures

November 21, 2023 | by Egpin

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Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing Rights

Nov 20 (Reuters) – Canada’s financial watchdog said on Monday it was seeking feedback on the public disclosure of cryptocurrency assets by federally regulated financial institutions, joining global regulators in ramping up scrutiny on the volatile sector.

The consultation by Canada’s Office of the Superintendent of Financial Institutions (OSFI) comes after the agency in July proposed new guidelines for crypto assets citing a risky environment.

The cryptocurrency market is on the mend a year after the collapse of exchange FTX and other big players pummeled prices and prompted regulators around the world to take a closer look at banks dealing with crypto assets.

The OSFI’s consultation will be running alongside another from the Basel Committee on Banking Supervision (BCBS), a global supervisory body which has also sought feedback from internationally active banks on the disclosure of crypto-asset exposures.

Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles.

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