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Canadian authority opens public consultation on crypto-assets exposure 



Given recent crypto events that have emphasized the risks associated with unregulated financial innovation, authorities have come to the stance that Public disclosures are important. The Office of the Superintendent of Financial Institutions (OSFI) on November 20th, set in motion a public consultation on the “public disclosure of crypto-asset exposures by federally regulated financial institutions (FRFIs) in Canada.”

Following the launch of the consultation, OSFI plans to issue a draft detailing guidelines on public disclosures by late 2024. The final guidelines will be communicated in winter 2025 and will take effect in Q4 2025, according to OSFI. It’s worth noting that the consultation will remain open until January 31, 2024.

As per the Canadian Government’s Federal Budget last year, the Office of the Superintendent of Financial Institutions was tasked with consulting federally regulated financial institutions regarding guidelines for public exposure to cryptoassets.

Highlighting the importance of public disclosure, Peter Routledge, the Superintendent of Financial Institutions, emphasized its role in risk management for banks and issuers, particularly about crypto-asset exposures. The Superintendent believes that the public consultation will aid in tailoring disclosure guidelines to the Canadian context.

The public should be aware that an unattributed summary of the comments received and OSFI’s responses will be published alongside the draft guidelines planned for release in 2024.

OSFI has been actively involved in matters concerning cryptoassets. In 2023, they initiated and concluded a public consultation on the regulatory capital and liquidity treatment of crypto-asset exposures for banks and issuers.

Additionally, the Basel Committee on Banking Supervision (BCBS) is currently seeking feedback from internationally active banks through a consultation process. This initiative aims to gather insights and perspectives to ensure that the proposed guidelines are well-tailored and aligned with the specific requirements of the Canadian banking landscape. 

Read also: 

Blockchain tech company, Bullish buys CoinDesk 

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