I love Canada. Toronto being a short hour and half, depending on Peace Bridge Traffic, means that I can be in the “Six” as easy as I can be to New York City in a flight. But, what I love most about Canada besides the incredibly nice people (cliché I know), is the relentless tech scene in my Northern neighbor. Those boys and girls don’t quit. Whether its Ethereum’s home turf, KoreConX, VanFunding, TSX, or the awesome Crypto Chicks, and the Consensus conference of the North, Futurist Conference, all of these guys and gals are moving the needle forward and not enough people know about it. That’s not the purpose of this article, however, the purpose of this article is to welcome my brothers and sisters North of the Wall to the securities regulatory party!
Based on a providential system, Canadians have bested the American system by being able to move fast. Toronto and Vancouver made moves early in the crypto/blockchain game and they paid off, but that time has come to an end as after the rest of the world said “WTF, Canada?” The providence securities organizations decided they should take a look at what is going on. This has caused new guidance from the Canadian Securities Administrators (CSA) earlier this year about how the hell things like QuadrigaCX. (Gerald Cotten screwing customers out of C$260 million.) This has finally caught on by the regulators that, guess what, some of this stuff needs to regulated! Surprise, surprise!
This decision is a double-edged sword, of course. Anytime companies are subjected to legislative changes, there are growing pains that everyone must suffer through. However, this move will likely make the crypto industry seem more appealing and legitimate to consumers who have been on the fence about it in the past, particularly those who have learned about the Quadriga dumpster fire.
Well, my awesome northern friends, welcome to the regulatory headache us Americans have had to deal with! The good news is we can continue working together, on the same page this time, towards a comprehensive guide for things like dual listing of blockchain-based assets! Canada, I’m thankful and excited that you can join us in pioneering guidelines and the law for the crypto/blockchain industry as it continues to grow, in a regulatory compliant manner.