The Canadian Securities Administrators (CSA) outlined stricter requirements for crypto firms in a statement published on Monday. Measures include separating client and proprietary business assets, ensuring client assets are held with an "appropriate custodian," and prohibiting offering margin or leverage for Canadian users. Platforms outside of Canada that offer services to Canadians will fall under the same requirements.
Previously, the CSA required crypto firms to commit to acquiring registration in August by obtaining a pre-registration undertaking (PRU) license. If a platform does not show a PRU to its regulator, the CSA "will consider all applicable regulatory options to bring the platform into compliance with securities law, including enforcement action."