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INTRODUCTION TO THE LEGAL AND REGULATORY FRAMEWORK -

Canada currently has no comprehensive framework governing the regulation of digital assets. Securities regulation has emerged as the main regulatory instrument in Canada and is primarily a matter of provincial jurisdiction. While each province and territory has its own rules and securities regulators, the securities regulatory framework is largely streamlined and harmonised across Canada, with certain provincial or regional variances. However, legislative jurisdiction in the area of derivatives is divided between the federal and provincial governments, and the harmonisation of rule-making in this area has been more challenging. Jurisdiction is also exercised by the federal government through federal anti-money laundering legislation, which requires registration of certain virtual currency exchange or transfer services as money service businesses.

Originally Published by Law Business Research Ltd - August 2022.