The Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Securities Administrators (CSA) have jointly published a communiqué seeking input from the country’s crypto industry players regarding regulation.
The two government agencies are looking to protect investors following the recent QuadrigaCX exchange incident that shook market sentiment. About $145 million vanished after the platform’s CEO died while in possession of the network’s private keys. Investigators are still trying to recover the funds.
The published document underscores that no dealers have yet been authorized to operate in the country and this leaves a regulatory vacuum. The agencies emphasize that only a tailored legislative solution can protect Canadian cryptocurrency users and investors from the vicissitudes of the market.
Security safeguards and internal controls have been highlighted as crucial areas requiring extensive auditing before a crypto trading business may operate in the country.
Some platform operators apparently…