Financial firms need to notify the Office of the Superintendent of Financial Institutions if their gross exposure to type 2 crypto assets -- which, under the regulator’s definition, would likely encompass most cryptocurrencies -- exceeds 1 per cent of their Tier 1 capital, the regulator said Thursday.
The interim rules represent the first significant framework for how Canadian financial institutions should treat cryptocurrencies, which are largely unregulated in the country. OSFI said it would update the approach to reflect future developments -- including the government’s legislative review of the topic, guidance from the Basel Committee on Banking Supervision and any related developments in the crypto market.
Poilievre’s use of Bitcoin as part of a pitch for extreme right-wing populism shouldn’t fool anyone. It’s part of a political program that will ultimately further serve the wealthy while promising to do the opposite.
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