Cryptocurrency

Better

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.</div>



<p class="has-drop-cap">The recent increase in regulatory requirements in Canada led to a great deal of speculation on which cryptocurrency firms will continue operating in the country. Already on March 20th, OKX announced it would be departing the market due to the new legal framework. Today, however, the cryptocurrency exchange Kraken <a href="https://twitter.com/krakenfx/status/1641463077357977601" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">reaffirmed</a> its commitment to remain in Canada and announced it has filed a pre-registration undertaking (PRU) with the Ontario Securities Commission.</p>



<h3 id="kraken-has-no-plans-of-leaving-canada">Kraken Has No Plans of Leaving Canada</h3>



<p>Canada recently tightened its regulation with regard to digital assets. The <a href="https://www.asc.ca/-/media/ASC-Documents-part-1/Regulatory-Instruments/2023/02/6082629-CSA-Notice-21-332-Crypto-Trading-Platforms.ashx" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">new undertaking</a>, which cryptocurrency exchanges are required to sign, comes with a long list of terms and restrictions. The new rules already saw the digital asset exchange OKX depart the market and caused widespread speculation on which companies would remain committed to operating in US’s northern neighbor.</p>



<p>On Thursday, March 30th, the cryptocurrency exchange Kraken revealed it had taken a big step toward being a registered Restricted Dealer in Canada by filing a pre-registration undertaking (PRU) with the Ontario Securities Commission. According to <a href="https://blog.kraken.com/post/18260/kraken-remains-committed-to-canada/?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=cananda_regulations_blog" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">the press release</a>, the move indicates the company’s commitment to remaining in the country long-term.</p>



<p>The exchange also characterized Canada as “a cornerstone of (its) global business” and highlighted the fact that, according to <a href="https://www.osc.ca/en/news-events/news/osc-survey-explores-canadians-crypto-ownership-and-knowledge#:~:text=The%20average%20crypto%20asset%20knowledge,role%20in%20the%20financial%20system." target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">a recent survey</a>, 38% of Canadians believe that cryptocurrencies will play an important role in the future of finance. Kraken recently found itself in some regulatory trouble in the US as it was forced to terminate its staking service due to a settlement with the SEC. The company has, despite the setback, continued its expansion and has recently <a href="https://tokenist.com/f1-williams-racing-forays-into-web3-with-exclusive-partnership-with-kraken/" rel="dofollow" class="deco-link">partnered with the F1 team Williams Racing</a>.</p>


<div class="cta-referral">

			<img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async">
	
	<div class="cta-referral__text">
		<p>Join our <a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a> and never miss a breaking digital asset story.</p>

	</div>

</div>


<h3 id="cryptocurrency-companies-push-for-a-better-legal-framework">Cryptocurrency Companies Push for A Better Legal Framework</h3>



<p>While many cryptocurrency companies have, broadly speaking, from the fact that the legal framework governing digital assets could have been, for a long time, described as the wild west, things have recently taken a sharp turn. Due to several <a href="https://tokenist.com/ftx-was-missing-6-8b-on-the-day-it-filed-for-bankruptcy/" rel="dofollow" class="deco-link">high-profile catastrophes in the industry</a>, regulators, particularly in the US, are looking at the sector with increased hostility.</p>



<p>At the same time, while some state governments have taken a proactive approach, the federal government is yet to create anything resembling a clear framework. As a result, multiple major firms have revealed their numerous attempts both to work with legislators on new rules and to work with regulators to being themselves into compliance with the existing laws.</p>



<p>So far, the efforts have been relatively unsuccessful, in the US at least, and companies like Coinbase have <a href="https://twitter.com/coinbase/status/1641120228317990913" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">started warning</a> that the current regulatory landscape could drive innovation out of the country. The firms have, however, been positive toward countries actively seeking to offer more clarity, even if the new frameworks are more restrictive, and Coinbase has recently allegedly praised the EU and UK’s efforts.</p>


<div class="cta-sub js__cta-sub">

	<div class="cta-sub__start" data-step="1">

					<div class="cta-sub__title"><strong>Finance is changing.</strong></div>
							<div class="cta-sub__subtitle">Learn how, with Five Minute Finance.</div>
							<div class="cta-sub__excerpt">A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.</div>
							<button type="button" class="btn">Try it out (for free)</button>
			</div>

	<div class="cta-sub__form" data-step="2" style="display: none;">
									<script type="text/javascript"
						src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&#038;webforms_id=zw3Wv"></script>
						</div>

	<div class="cta-sub__result" data-step="3" style="display: none;">
		<div class="cta-sub__title">Awesome</div>
		<div class="cta-sub__caption">You&#8217;ve subscribed.</div>
		<div class="cta-sub__greeting">You&#8217;re well on your way to being in the know.</div>
	</div>

</div>



<p><strong><em>Do you think other major cryptocurrency exchanges will also choose to remain in Canada? let us know in the comments below.</em></strong></p>
<p>The post <a rel="nofollow" href="https://tokenist.com/kraken-reaffirms-commitment-to-canada-files-pre-registration-with-osc/">Kraken Reaffirms Commitment to Canada, Files Pre-Registration With OSC</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Kraken Reaffirms Commitment to Canada, Files Pre-Registration With OSC

Obsah

TokenInsight

Ďalšie články zverejnené 30. 3. 2023

Transfer Disclosure (2,500,000 WEMIX)

Alchemy Pay Deploys Its Fiat Onramp on OKX to Offer Convenient Buyouts

PUBLISH announces 'swap station' for NEWS-ETH

PUBLISH welcomes first cohort of PUBLISHalliance members to participate in closed beta of PUBLISH...

PUBLISH establishes office in Singapore in global expansion drive

How to Download, Sign Up, Login, Check your Profile on HotQA App

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!