Canada’s OSC signs a pre-registration accord with Crypto.com
On Tuesday, Crypto.com, one of the world’s leading cryptocurrency platforms, announced that it had signed a major agreement. With the Canadian securities custodian the Ontario Securities Commission (OSC).
The MOU allows the firm to move forward with its application to operate a crypto asset trading platform in Canada. And offer other digital currency products and services.
Crypto.com’s CEO Kris Marszalek says the OSC’s forward-thinking stance on working with emerging tech firms was one of the main reasons; the platform chose Canada as its next destination.
“We are excited to deepen our engagement with Canadian regulators as we move forward with our plans to launch a digital asset trading platform and other crypto products and services in the country,” he says.
The exchange, which has rapidly expanded in the past few years through many different deals and partnerships. Announced that it had received regulatory approval from the OSC in Canada. This step is recognised across the country by Canadian Securities Administration (CSA).
Crypto.com is now the first global crypto platform to operate under a regulatory agreement. In the country thanks to its recent partnership with OSC. The deal is also a positive development for Canada as it seeks to foster innovation. And attract investment in the digital asset space.
In recent months, Canada has been making strides to become a more crypto-friendly jurisdiction. The country’s regulators have been working on a regulatory framework for cryptocurrency exchanges. And the Ontario Securities Commission (OSC) has been leading the charge.
Compliance is fundamental
The terms of the pre-registration agreement allow Crypto.com to collaborate with securities regulators. Compliance is a key factor, as the exchange will only offer its services and products to clients under Canadian laws. According to the press statement.
This should provide some level of comfort to crypto investors in Canada. Who have been waiting for a major exchange to enter the market.
The development is also good news for Crypto.com, which has plans to expand its services across the globe. The Canada launch is part of that broader ambition and marks an important milestone for the company.
Crypto.com CEO Kris Marszalek states that the accord with the Ontario securities supervisor is part of the compliance efforts. To “underscore” everything done by the platform to better serve North American customers.
“The crypto market has great potential in North America and Canada, particularly, and we are pleased to collaborate with the OSC and the CSA in making Canadian clients aware of a safe, secure, and reliable global platform,” Marszalek concludes.
The OSC accord builds upon other regulatory actions Crypto.com has taken in Canada. Including registration with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and Quebec’s Autorité des marchés financiers (AMF).
Crypto.com has added another regulatory win to its list, with this latest announcement coming from several countries. Including Singapore, the UAE, South Korea, Greece, Italy and the Cayman Islands.
The OSC’s agreement with Crypto.com is a significant step forward for Canada in its efforts. To become a world leader in cryptocurrency and blockchain innovation. With the addition of Canada, Crypto.com now has a total of 10 markets covered by regulatory agreements.
“This is an important development for Canada that will help position the country as a global leader in the digital currency space,” says Joseph Weinberg, Chair of the Blockstream Advisory Board and co-founder of Paycase.
The firm is a digital asset platform that offers a wide range of services including a wallet, exchange, and debit card. The company’s mission is to accelerate the world’s transition to cryptocurrency.
Crypto.com joins several other major crypto firms that have obtained regulatory approval in Canada. These include Coinbase, Circle, and Blockstream. Canada has become a hotbed for crypto and blockchain innovation in recent years.
What do you think about Crypto.com’s latest approval? Let us know in the comment section!