Canada’s Office of the Superintendent of Financial Institutions has initiated a consultation process to develop guidelines for how banks should report their exposure to crypto.
The Office of the Superintendent of Financial Institutions (OSFI) in Canada is stepping up to address the growing role of cryptocurrencies in the financial world. The office is requesting feedback on how banks should report dealings with crypto.
With the complex issues surrounding cryptocurrencies and regulation, the OSFI is attempting to ensure maximum visibility regarding banks and crypto, one method for establishing a safer and more stable financial system.
The OSFI plans to release draft guidelines by next fall and finalize them in 2025. One question that springs to mind is whether this process is moving fast enough, as the world of crypto changes quickly, and regulations will need to keep up.
The OSFI is also looking to align its rules with global standards, particularly those set by the Basel Committee on Banking Supervision. The office is requesting input on specific details so the rules fit with Canada’s unique banking and insurance sectors.