Canada’s Office of the Superintendent of Financial Institutions has begun a consultation process to develop guidelines on how banks should report their exposure to cryptocurrencies.
Canada’s Office of the Superintendent of Financial Institutions (OSFI) is taking a step forward to address the growing role of cryptocurrencies in the financial world. The bureau seeks comment on how banks should report their cryptocurrency transactions.
With the complex issues surrounding cryptocurrencies and their regulation, OSFI is attempting to ensure maximum visibility regarding banks and cryptocurrencies, a method of establishing a more secure and stable financial system.
OSFI plans to publish 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 world of cryptocurrency changes rapidly and regulations will need to keep up. .
OSFI also seeks to align its rules with global standards, particularly those established by the Basel Committee on Banking Supervision. The office is seeking input on specific details to make the rules fit Canada’s unique banking and insurance sectors.
