Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
OSFI Launches Stablecoin Consultation on International Recommendations
OSFI | Release | Apr 17, 2023
Image: Unsplash/CoinWire Japan
Today, the Office of the Superintendent of Financial Institutions (OSFI) launched initial consultations on international recommendations related to fiat-referenced crypto-asset arrangements and activities.
- The article discusses a consultation by the Office of the Superintendent of Financial Institutions (OSFI) in Canada, which aims to provide clarification on digital assets, specifically focusing on fiat-referenced crypto-assets (stablecoins).
- These stablecoins have gained popularity in the growing crypto-assets market, but also present risks to the Canadian financial system.
- The information collected in this consultation will support further consultations related to exposure to crypto-assets and is aligned with domestic and international regulators' efforts to address risks tied to these assets. This work complements ongoing work by the Department of Finance on the digitalization of money as part of the financial sector legislative review.
See: Stablecorp Relaunches QCAD: the Canadian Dollar-Based Stablecoin
- In the fall of 2022, the Financial Stability Board issued 10 draft recommendations for the regulation, supervision, and oversight of stablecoins. OSFI now seeks input from Federally Regulated Financial Institutions (FRFIs) on the application of these recommendations to the Canadian financial system.
- While the 9-week consultation is aimed at FRFIs, others interested in fiat-referenced crypto-asset arrangements are welcome to participate. This feedback will help inform OSFI’s potential development of risk management expectations for FRFIs that engage in activities in this sector.
- To participate, please contact diih-caein@osfi-bsif.gc.ca. The consultation period will close on Friday, June 16, 2023.
- An information session will be held on May 15, 2023 from 1 p.m. to 2 p.m. ET to answer questions participants might have about this consultation on fiat-referenced crypto-asset arrangements and activities. Register at: Information session by May 12 at noon.
View the original release --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
Support NCFA by Following us on Twitter!Follow @NCFACanada  |
Related Posts
Wealthsimple to spin out advisory service into separate company- Kaiko CEO Predicts Hong Kong as the Next Crypto Hub Due to US Crackdown
- 2023 Data Privacy in North America – Year in Review
- WEF Insight Report: Digital Assets, Distributed Ledger Technology, and the Future of Capital Markets
- Can you spare a toonie? Ontario firm crowdfunding its all-Canadian mission to Mars
- Global Financial Innovation Network (GFIN) – Regulators Launch Global Sandbox Pilot
Leave a Reply