- Canada’s financial regulator has proposed new changes to its capital and liquidity guidance for firms that offer cryptocurrency custody and insurance companies that offer protection for deposits.
The OSFI said it drafted more detailed guidance for Canada after the Basel Committee on Banking Supervision released new banking standards for crypto-asset exposures in December 2022. “They have been updated to reflect the Canadian context and the industry for which the guideline has been developed ,” the OSFI wrote.
Whether a bank chooses the comprehensive plan or simplified plan depends “on the extent of an institution’s exposure to crypto-assets,” the release said. “Both guidelines detail four classifications of crypto-assets and the capital treatment for each.”