Crypto regulation efforts need to keep pace with market growth -Bank of Canada official

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The issue is growing more pressing as cryptoassets become integrated into Canada's financial system.

The issue is growing more pressing as cryptoassets become integrated into Canada's financial system, increasing the risk that crypto shocks - like the recent price plunge - could end up hitting the broader financial system.

The value of the global cryptoasset market soared from $200 billion in early 2020 to $3 trillion at its peak, the Bank of Canada said in a report this week. The share of Canadians who own bitcoin more than doubled to 13% in 2021 from 5% in 2020. Indeed, cryptocurrency prices plunged in recent months as appetites for high-risk assets soured, exposing some investors to significant financial losses.

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