What to know:
- Circle said it is the first issuer to comply with Canada’s stricter stablecoin listing rules.
- The Canadian Securities Administrators (CSA) started to roll out tighter regulations to govern digital assets last year, including guidelines for exchanges to list stablecoins.
As a seasoned crypto investor with a knack for staying abreast of regulatory developments, I find Circle’s commitment to comply with Canada’s stricter stablecoin regulations quite reassuring. Having witnessed several exits and delistings from the Canadian market due to non-compliance, it’s refreshing to see a player like Circle stepping up to meet these new standards.
On Wednesday, Circle announced their decision to comply with stricter Canadian regulations, ensuring the continued availability of their $40 billion USD Coin (USDC) stablecoin on various trading platforms.
In a recent press announcement, the company stated that USDC was the first stablecoin to reach this notable achievement. Circle is actively collaborating with Canadian regulatory bodies as they work towards establishing a regulated market for global stablecoins. This development could potentially offer substantial efficiency improvements to Canada’s cross-border, retail, and institutional settlement systems.
The announcement from the Circle came amidst increasing demands for crypto firms within the nation to adhere to tighter regulations by the year-end, as pressure continues to build.
Last year, the Canadian Securities Administrators (CSA) began implementing stricter regulations for digital assets, including guidelines specifically for exchanges to offer what they call “Value-Referenced Crypto Assets” (VRCA), which includes stablecoins like Tether’s USDT. In response to these upcoming tighter rules, Binance decided to leave the Canadian market, while Coinbase and Crypto.com announced they would remove tokens such as Tether’s USDT from their platforms. The USDT is the largest stablecoin with a capitalization of $135 billion on the market.
On its official website, the Ontario Securities Commission, which is part of the Canadian Securities Administrators (CSA), has thus far identified Circle Internet Financial as the sole entity operating under the Virtual Commodity Reporting Framework (VRCA) regulations.
The deadline for exchanges to comply with stablecoin listing standards is Dec. 31, 2024.
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2024-12-05 21:21