of the US$32-billion-dollar, Bahamas-based FTX exchange has thrust this issue into the headlines again. U.S. Sen. Elizabeth Warren, a well-known crypto critic, said on Wednesday: “We need more aggressive enforcement.”
In Canada, regulatory attention has primarily focused on cryptocurrency trading platforms. Unfortunately, even regulation of this one segment of the blockchain industry has been distressed with uncertainty. This continuing uncertainty has not, of course, stopped or slowed the demand for cryptocurrency and related services. There are today more than 200 cryptocurrency exchanges available online, and most can be accessed by Canadians.
Clearly, however, not every entity is willing to make a similar investment. The OSC maintains an investor warnings and alerts One impetus for this ramped-up regulatory action is obvious and acknowledged by the OSC. A significant number of people in Canada lost access to millions of dollars in digital assets in 2019 when the QuadrigaCX platform went under and its founder was announced dead.
Domestic securities enforcement tools apply unevenly to much of the activity undertaken by Canadians. International co-operation or, at least, alignment may be the best step toward effective regulation.
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