The Canadian Office of the Financial Institutions Inspectorate (OFSI) has proposed new capital rules for cryptoassets.
OFSI has submitted two new draft proposals on cryptoassets for public inquiry. It was announced that the decision will be made together with the results of the public opinion polls.
OFSI will go public research on its proposed rules for crypto assets
The Canadian Office of the Financial Institutions Inspectorate (OSFI) has proposed new capital rules for cryptoassets and initiated public consultations on two draft guidelines. These proposed rules are intended to simplify institutions’ approach to crypto risks. The guidelines define four categories of cryptoassets and their capital handling.
OSFI is presenting a draft directive that will affect federally regulated depository institutions such as banks and credit unions, and another draft directive that addresses regulatory capital treatment of crypto-asset exposure for insurers. Those who wish to participate in the research will be able to submit their views on these draft guidelines until 20 September.
OSFI Superintendent Peter Routledge stated that these new guidelines reflect industry inputs and international standards, adding that they aim to provide clarity to depositors and insurers on how they will address crypto-asset risks.
It is stated that the new rules are intended to reflect the evolving risk landscape and also address the changes that outline new banking standards for crypto-asset display. These amendments include banking standards that were introduced by the Basel Committee in December 2022 and will be implemented on 1 January 2025.
