CandleFocus CSA Extends VRCA Compliance Deadline to December 2024
2024-09-28
Author: Content Editor
The Canadian Securities Administrators (CSA) has released a memorandum outlining the regulatory requirements and timelines for crypto asset trading platforms operating with value-referenced crypto assets (VRCAs) backed by a single fiat currency. The CSA expresses concerns about unregulated VRCAs causing significant financial losses for investors and emphasizes that no VRCAs are currently regulated or acknowledged under Canadian frameworks. The compliance deadline for crypto asset trading platforms has been extended from April 2024 to December 2024 to allow them more time to meet the registration and exemptive relief requirements or propose alternative solutions. The CSA highlights the importance of understanding the risks associated with crypto asset investments and reminds investors that holding VRCAs or engaging in contracts with trading platforms does not offer the same protections as regulated financial deposits.
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