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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 stepping up to address the growing role of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies in the financial world. The office is requesting feedback on how <a rel="noopener noreferrer nofollow" title="banks" href="https://thebittimes.com/tag/banks.html">banks</a> should <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a> dealings with <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>.</p>
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    <p lang="en" dir="ltr">[Have your say] <br>We’re gathering input on public disclosure of #crypto-asset exposures by banks and insurers in #Canada.<br><br>For more details and to share your feedback, visit: https://t.co/ldCdzW56PP pic.twitter.com/7O4ECxAEle</p>— Superintendent of Financial Institutions (@OSFICanada) November 20, 2023
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 <p>With the complex issues surrounding cryptocurrencies 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>
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> BIS to oblige banks to disclose crypto exposure starting 2025
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 <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 <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> changes quickly, and <a rel="noopener noreferrer nofollow" title="regulation" href="https://thebittimes.com/tag/regulation.html">regulation</a>s 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>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Basel Committee introduces draft guidelines on crypto asset disclosure
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/canadian-authority-seeks-input-from-banks-on-crypto-reporting-regulations-tbt70983.html">https://thebittimes.com/canadian-authority-seeks-input-from-banks-on-crypto-reporting-regulations-tbt70983.html</a></p>

Canadian authority seeks input from banks on crypto reporting regulations

TheBitTimes

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