Canada’s Office of the Superintendent of Financial Institutions has launched a consultation process to develop guidelines on how banks should report their crypto exposure.
Canada’s Office of the Superintendent of Financial Institutions (OSFI) is stepping up its efforts to tackle the growing role of cryptocurrencies in the financial world. The bureau is seeking comment on how banks should report their crypto transactions.
Faced with the complex issues surrounding cryptocurrencies and regulation, OSFI is trying to ensure maximum visibility on banks and cryptography, a method of establishing a safer and more stable financial system.
OSFI plans to release draft guidelines by next fall and finalize them in 2025. One question that comes to mind is whether this process is moving fast enough, as the crypto world is evolving rapidly and Regulations will have to keep pace.
OSFI also seeks to align its rules with global standards, including those established by the Basel Committee on Banking Supervision. The office is seeking feedback on specific details so that the rules match Canada’s unique banking and insurance sectors.