From the Digifinex blog.
DigiFinex, one of the leading cryptocurrency exchanges in the world, has been granted a Pre-Registration Undertaking (“PRU”) exemption-based approval by the Canadian regulator.
The DigiFinex PRU is at the provincial level, Alberta Securities Commission and other provinces providing reciprocal recognition. This license allows DigiFinex to operate in Canada in accordance with the terms of the PRU agreed with the regulator, and provides a unique opportunity for Canadian clients to buy and sell cryptocurrencies on DigiFinex’s platform.
The PRU agreed upon is the result of a lengthy and prudent discussion with the regulator, and is a crucial regulatory requirement for cryptocurrency participants wanting to operate a dealer platform in Canada. To comply with the PRU, DigiFinex needs to put in place stringent measures to prevent money laundering and terrorist financing. The regulator also demands adequate security systems be established and maintained to protect investors’ assets and personal information.
Additionally, DigiFinex must ensure that it has proper risk management procedures in place to safeguard against market manipulation and other fraudulent activities.DigiFinex’s PRU was announced officially by the regulator in March 2023, making it one of a handful of operators with a certain pathway and timeline for achieving full approval from the Canadian government in the coming months. This achievement highlights DigiFinex’s commitment to providing a safe and secure platform for its users, in line with prevalent market and regulatory demand.
DigiFinex has always placed a strong emphasis on the Canadian market. In recent times, the collapse of prominent industry participants has caused a collective crisis of confidence in the crypto industry. In response, DigiFinex looked at ways to improve transparency, security and efficiency towards keeping client assets safe without compromising other aspects of its services.
DigiFinex has partnered with Qualified Custodian Tetra Trust, bringing access to a qualified custodian solution. As a regulated trust company, Tetra’s offering encompasses robust controls, including the maintenance of a suite of insurance products. In addition, Tetra’s partners maintain comprehensive client asset crime indemnity underwritten by a syndicate led by UK-based insurance powerhouse Lloyds. Along with other licensed dealer platforms in Canada, DigiFinex sets a new standard for asset protection in the industry and will undoubtedly attract more investors and traders to the platform.
DigiFinex is also committed to global compliance operations, working closely with regulatory agencies worldwide to achieve regulatory requirements. As a stable and reputable platform operating in the industry since 2018, DigiFinex prioritized the provision of transparency and reliability in cryptocurrency trading. The platform offers a wide range of trading pairs, advanced trading tools and a user-friendly interface, making it easy for both beginners and experienced traders to navigate.
The PRU exemption-based license is an important milestone for DigiFinex, epitomising its focus on providing its users with a safe and secure platform. The new regulatory regime highlights the increasing importance of regulatory compliance in the cryptocurrency industry and underscores the need for cryptocurrency participants to work closely with regulatory agencies to promote a safe and secure trading environment.
DigiFinex, originating from Singapore and established in 2017, is a leading global cryptocurrency exchange. Upholding the values of diversity, integrity, and trustworthiness, DigiFinex provides users with secure 24/7 services for buying, selling, trading, storing, and staking cryptocurrencies.
This article came directly from the Digifinex blog, found on https://blog.digifinex.com/2023/06/06/digifinex-granted-exemption-license-in-canada/