Canada Seeks Feedback on Crypto Disclosure Requirements!
The post Canada Seeks Feedback on Crypto Disclosure Requirements! appeared first on Coinpedia Fintech News
Canada’s financial regulator, the Office of the Superintendent of Financial Institutions (OSFI), is seeking feedback on disclosure requirements for local banks and insurers with exposure to cryptocurrencies. This consultation is in parallel with a similar one being conducted by an international standard-setter, the Basel Committee on Banking Supervision (BCBS). The OSFI aims to combine feedback from both consultations to develop appropriate disclosure expectations for banks and insurers in Canada. The BCBS has proposed a risk weight of 1250% for volatile cryptocurrencies like Bitcoin, but the OSFI is seeking input on how these requirements can be adjusted to fit a local context and ensure proportionality of disclosures. Comments on the proposed requirements can be submitted to the OSFI until January 31, 2024.
