Canadian Regulatory Group Targets Crypto Exchanges Holding Users’ Digital Assets

Canadian Regulatory Group Targets Crypto Exchanges Holding Users’ Digital Assets – CoinDesk

Canada’s top financial watchdog has told crypto exchanges they will be subject to securities law if they act as custodians to users’ digital assets. The Canadian Securities Administrators (CSA) said in guidance published Thursday the common exchange practice of custodying users’ assets – “merely providing users with a contractural right or claim to an underlying crypto asset” – could subject them to securities legislation.