According to reports, (OSC) is investigating a cryptocurrency trading platform operating in the province.
OSC spokesperson Christine? Kristen Rose said on Friday that the agency had received a large number of complaints about digital currency trading platforms, saying that the platforms may be considering cryptocurrencies as securities for sale. She added: "These platforms, as well as any commercial activity that equates cryptocurrencies into securities for trading, violates securities laws."
According to Ontario law, the exchange must apply for recognition. The application requires the company to detail all aspects of its business, including corporate governance, operations, access requirements, fees, and financial viability. At present, none of the platforms that OSC is investigating are legally recognized as exchanges in the province, nor is there any license granted to the exemption regulations.
Justin? Ross made it clear that at this stage OSC is only collecting information on the activities of various digital currency platforms.
The OSC recently released a document listing priorities for the current fiscal year, with a focus on cryptocurrency. The regulator describes its goal as providing protection for consumers while allowing cryptocurrency-related industries to innovate and capitalize without interference.
It is understood that OSC approved the sale of Token Fund in October. Despite this, OSC said that the initial ICOs still have major problems in how to protect investors.
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