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<p class="is-style-lead">Canada’s Office of the Superintendent of Financial Institutions has initiated a consultation process to develop guidelines for how banks should report their exposure to crypto.</p>
<p>The Office of the Superintendent of Financial Institutions (OSFI) in Canada is <a href="https://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/crypto-231129-nr.aspx" data-type="link" data-id="https://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/crypto-231129-nr.aspx" target="_blank" rel="noopener noreferrer nofollow">stepping up</a> to address the growing role of cryptocurrencies in the financial world. The office is <a href="https://www.newswire.ca/news-releases/osfi-seeks-feedback-on-disclosure-of-crypto-asset-exposures-892285853.html" data-type="link" data-id="https://www.newswire.ca/news-releases/osfi-seeks-feedback-on-disclosure-of-crypto-asset-exposures-892285853.html" target="_blank" rel="noopener noreferrer nofollow">requesting</a> feedback on how banks should report dealings with crypto.</p>
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   <p lang="en" dir="ltr">[Have your say] 🤔💭<br>We’re gathering input on public disclosure of <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#crypto</a>-asset exposures by banks and insurers in <a href="https://twitter.com/hashtag/Canada?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Canada</a>.<br><br>For more details and to share your feedback, visit: <a href="https://t.co/ldCdzW56PP" target="_blank" rel="noopener noreferrer nofollow">https://t.co/ldCdzW56PP</a> <a href="https://t.co/7O4ECxAEle" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/7O4ECxAEle</a></p>— Superintendent of Financial Institutions (@OSFICanada) <a href="https://twitter.com/OSFICanada/status/1726623877122658401?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 20, 2023</a>
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<p>With the complex issues surrounding <a href="https://crypto.news/market-cap/" data-type="link" data-id="https://crypto.news/market-cap/" rel="noopener noreferrer nofollow">cryptocurrencies</a> and regulation, the OSFI is attempting to ensure maximum visibility regarding banks and crypto, one method for establishing a safer and more stable financial system.</p>
<p>You might also like: <a href="https://crypto.news/bis-to-oblige-banks-to-disclose-crypto-exposure-starting-2025/" rel="noopener noreferrer nofollow"> BIS to oblige banks to disclose crypto exposure starting 2025 </a></p>
<p>The OSFI plans to release draft guidelines by next fall and finalize them in 2025. One question that springs to mind is whether this process is moving fast enough, as the world of crypto <a href="https://crypto.news/markets/" data-type="link" data-id="https://crypto.news/markets/" rel="noopener noreferrer nofollow">changes</a> quickly, and <a href="https://crypto.news/is-the-uk-ready-to-embrace-the-new-dawn-of-crypto-regulations/" data-type="link" data-id="https://crypto.news/is-the-uk-ready-to-embrace-the-new-dawn-of-crypto-regulations/" rel="noopener noreferrer nofollow">regulations</a> will need to keep up.</p>
<p>The OSFI is also looking to align its rules with global standards, particularly those set by the Basel Committee on Banking Supervision. The office is requesting input on specific details so the rules fit with Canada’s unique banking and insurance sectors.</p>
<p>Read more: <a href="https://crypto.news/basel-committee-introduces-draft-guidelines-on-crypto-asset-disclosure/" rel="noopener noreferrer nofollow"> Basel Committee introduces draft guidelines on crypto asset disclosure </a></p>

Canadian authority seeks input from banks on crypto reporting regulations

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