The chief officer of the Ontario Securities Commission (OSC) said that agency is planning to release a report on the crypto adoption rate in the country.
The Ontario Securities Commission (OSC) is a leading regulatory department, which regulates securities legislation in the Canadian province of Ontario. Each province and territory of Canada has its own securities regulatory body to regulate the crypto market. The OSC agency is neutral toward the crypto sector and continues working to bring better policies to ensure the safety of the investors.
On 6 October, The chief executive officer of the Ontario Securities Commission, Grant Vingoe, released a keynote before the Economic Club of Canada.
Through the keynote, Grant said that all the regulatory rules & policies were equally applicable to the crypto sector-based digital assets, so all the crypto assets fell under the jurisdiction of OSC.
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Further OSC chief said that the agency considered bitcoin & Ethereum as a commodity asset class, while “arrangements that trading platforms have with investors” constituted securities.
Grant stated:
“As securities regulators, none of the characteristics of crypto assets or their underlying technology, either positive or negative, drives our regulatory approach.”
Further Grant confirmed that the regulatory body will not remain negative or positive sides, instead will work with a neutral stance to bring better policies.
The OSC official also dragged the matter of digital asset exchange QuadrigaCX, which faced huge issues during extreme volatility situations a few months ago. He said that the traditional & crypto market is getting interconnected rapidly and it may pose a big risk for the money market.
In the past, the OSC agency has taken strict actions against many crypto platforms for the violation of securities law. ByBit and KuCoin were the latest digital asset platforms, which faced enforcement action by OSC.
Read also: Hacker exploits a cross-chain bridge “BSC Token Hub”
Canadian watchdog says 30% of citizens plan to buy Bitcoin by 2024
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