Financial industry executives will need to familiarize themselves with the essentials of tokenization, and quickly. After a decade of fits and starts, momentum is building behind the development of markets in tokenized assets. These are not volatile, unbacked cryptocurrencies, but rather tokens that are linked to existing financial or physical assets and that now enjoy a measure of legal certainty, e.g. , tokenized money market funds, tokenized bonds and tokenized commercial bank money. Bullish forecasts…
On October 5, 2023, the Canadian Securities Administrators published guidance on dealing in Stablecoins, including by imposing updated terms and conditions for crypto asset trading platforms that offer Stablecoins, and requiring issuers of certain Stablecoins to provide undertakings in a form substantially acceptable to the regulators by December 1, 2023. For a complete discussion, click here.
On June 7, 2023, the Canadian Department of Finance issued a public consultation contemplating certain changes to Canada’s anti-money laundering and anti-terrorist financing (AML/ATF) regime (“Consultation Paper”), including proposals affecting virtual currency, digital assets, and technology-enabled finance in Canada. The consultation paper can be accessed here and submissions may be made up to August 1, 2023. Click here to access our Alert that discusses the Paper in greater detail