The Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Securities Administrators (CSA) are considering new rules for the crypto trading platforms in the country in the aftermath of the scandal around Quadriga CX, which deprived investors of about 135,000,000 USD in crypto assets.
The plan involves setting tailored regulatory requirements to address the “novel features and risks” associated with the crypto exchange platforms.
“We must adapt to innovation, and provide clarity to the market about how regulatory requirements might best be tailored and applied to these unique business models, while maintaining investor protection,” Andrew Kriegler IIROC CEO said in a statement.