Crypto traders have been on interim rules since March 2021, and it’s time to finalize membership in the securities industry's self-regulatory organization.
Crypto trading platforms (CTPs) in Canada are running out of time to get their paperwork in to become full-fledged investment dealers and members of the Canadian securities industry’s self-regulatory organization, the Canadian Investment Regulatory Organization (CIRO) and Canadian Securities Administrators (CSA) reminded their crypto colleagues in a news release.
CTPs facilitate trading of crypto asset securities, derivatives, instruments or contracts. Under a staff notice released in March 2021, CTPs were allowed an interim period during which they could operate as restricted dealers while they worked on obtaining mandatory CIRO membership. Now the time is coming for CTPs to join CIRO finally and conform to its rules, the regulators say:
New CTPs will not be given an interim period before CIRO membership, they added. In addition to obtaining CIRO membership, CTPs are required to register in individual jurisdictions. There are currently 15 CTPs.