Canadian regulator seeks feedback on crypto asset exposure disclosure requirements
The Canadian Office of the Superintendent of Financial Institutions has opened a consultation period for disclosure requirements for banks holding crypto assets....
- Canada's Office of the Superintendent of Financial Institutions (OSFI) has opened a consultation period on crypto asset disclosure requirements for federally regulated financial institutions (FRFIs).
- The consultation is in line with the 2023 federal budget and aims to protect Canadians' savings and the security of the financial sector.
- Federally regulated pension funds will also be required to disclose their crypto exposure to the OSFI.
- Canadian pension funds have had negative experiences with crypto, with significant losses and some funds swearing off crypto investments.
- The consultation is tied to a similar enquiry initiated by the Bank for International Settlements (BIS).
- The OSFI is seeking feedback to enhance the Basel Committee on Banking Supervision (BCBS) disclosure framework.
- Responses to the consultation are due by January 31, 2024.
The article provides information about the consultation period on crypto asset disclosure requirements in Canada. It highlights the aim to protect Canadians' savings and the security of the financial sector. However, it also mentions negative experiences of Canadian pension funds with crypto investments. Overall, the sentiment is neutral.