The new requirement announced on August 15, 2022 by the Canadian Securities Administrators (CSA) compels crypto asset trading platforms (CTPs) to file «a pre-registration undertaking to their principal regulator to continue operations while their application is reviewed».
By providing these undertakings [See undertaking filed by Coinsquare to the Ontario Securities Commission], CTPs must comply with terms and conditions that address investor protection concerns and are consistent with requirements currently applicable to registered platforms. The undertakings also provide clarity on the regulatory status of CTPs.
CTPs that do not comply with this requirement may be subject to action by its regulator.
The undertakings will be available on the CSA’s website.