Crypto currency today9/5/2023 ![]() “These guidelines are different from public disclosure of crypto-asset exposures for federally regulated financial institutions mentioned in Budget 2023,” the OSFI noted. OSFI first introduced this initiative in their Annual Risk Outlook 2023-24, which included a commitment “to consulting on updates to the interim approach for the capital and liquidity treatment of crypto-asset exposures.” The regulator is seeking the public’s feedback on the proposals and has established a consultation period that will go until September 20.Ĭanada releases guidelines for investment funds holding crypto assets “Both guidelines detail four classifications of crypto-assets and the capital treatment for each.” Whether a bank chooses the comprehensive plan or simplified plan depends “on the extent of an institution’s exposure to crypto-assets,” the release said. “This allows institutions to choose the approach best suited to their needs and situation.” “Each guideline includes a simplified option and a comprehensive option for the regulatory treatment of crypto-asset exposures,” the OSFI said in a separate letter to the public. “The insurance guideline incorporates the relevant parts of the BCBS standard with adjustments to meet the specific context of the insurance industry.” “The banking guideline reflects the December 2022 BCBS banking standard,” they said. ![]() ![]() “They have been updated to reflect the Canadian context and the industry for which the guideline has been developed (i.e. The OSFI said it drafted more detailed guidance for Canada after the Basel Committee on Banking Supervision (BCBS) released new banking standards for crypto-asset exposures in December 2022. “Today, OSFI announced two draft guidelines, one for federally regulated deposit-taking institutions and another for insurers, on the regulatory capital treatment of crypto-asset exposures,” the release said. The Office of the Superintendent of Financial Institutions (OSFI) posted a press release outlining the proposed changes on Wednesday, saying the updated rules “reflect an evolving risk environment and international developments.” ( Kitco News) - Canada’s financial regulator has proposed new changes to its capital and liquidity guidance for firms that offer cryptocurrency custody and insurance companies that offer protection for deposits. Receive a comprehensive recap of the day's top stories directly to your inbox. Get all the essential market news and expert opinions in one place with our daily newsletter. ![]()
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