Canada financial regulator seeks feedback on crypto disclosures

FILE PHOTO: Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Canada's financial watchdog said on Monday it was seeking feedback on the public disclosure of cryptocurrency assets by federally regulated financial institutions, joining global regulators in ramping up scrutiny on the volatile sector.

The consultation by Canada's Office of the Superintendent of Financial Institutions (OSFI) comes after the agency in July proposed new guidelines for crypto assets citing a risky environment.

The cryptocurrency market is on the mend a year after the collapse of exchange FTX and other big players pummeled prices and prompted regulators around the world to take a closer look at banks dealing with crypto assets.

The OSFI's consultation will be running alongside another from the Basel Committee on Banking Supervision (BCBS), a global supervisory body which has also sought feedback from internationally active banks on the disclosure of crypto-asset exposures.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Devika Syamnath)

Follow us on our official WhatsApp channel for breaking news alerts and key updates!


Next In Tech News

Musk's Neuralink registers brain implant study on US government database
Polish game developer CD Projekt posts 44% first-quarter profit jump
Cryptoverse: Miners trudge through post-halving world
Riot Platforms proposes to buy crypto miner Bitfarms, becomes largest shareholder
T-Mobile to buy US Cellular's wireless operations in $4.4 billion deal
Meme stock GameStop climbs after raising $933 million in share sales
EU monitoring new measures by Meta to tackle election disinformation
Klarna using GenAI to cut marketing costs by $10 million annually
OpenAI sets up safety committee as it starts training new model
Google, Amazon, Apple lobby group opposes India's EU-like antitrust proposal

Others Also Read