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Canada Leads In Crypto Regulations

By Gail J. Cohen
September 01, 2023

FTX's collapse pushed Canada's already robust cryptocurrency regulations further, offering protection to consumers and stability for compliant platforms but resulting in some major global platforms, like Binance, quitting the country because they weren't willing to comply.

"I think we're very fortunate in Canada, not to have seen a domestic collapse in the same way that you've seen some in some other places, internationally," said Gowling WLG partner Adam Garetson. "I attribute a lot of that to the application of the regime that's been set out by the Canadian Securities Administrators."

The collapse of crypto exchange FTX made most of the world wake up to the need for tighter regulation of cryptocurrency trading platforms, but the 2019 collapse of QuadrigaCX is what lit a fire under Canadian securities regulators to toughen enforcement rules to safeguard consumers.

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