Canada’s Workplace of the Superintendent of Monetary Establishments (OSFI) has opened a session interval on crypto asset disclosure necessities for federally regulated monetary establishments (FRFIs). The session was foreseen within the 2023 federal funds, however its timing is tied to an identical enquiry initiated by the Financial institution for Worldwide Settlements (BIS).
The Canadian authorities said in March that it will draw up crypto publicity pointers for banks “to assist defend Canadians’ financial savings and the safety of our monetary sector.” The supply is present in part 5.4 of the funds, titled “Combatting Monetary Crime.” The funds additionally said that federally regulated pension funds can be required to reveal their crypto publicity to the OSFI — no session is required.
— Superintendent of Monetary Establishments (@OSFICanada) November 20, 2023
Canadian pension funds had a painful expertise with crypto in 2022. The Caisse de dépôt et placement du Québec, Canada’s second-largest pension fund, lost CA$200 million ($154.7 million) within the Celsius chapter. The Ontario Academics’ Pension Plan wrote off $95 million in FTX and FTX.US funding in November 2022 and said in April that it was swearing off crypto for good. CPP Investments, Canada’s largest pension fund, canceled all crypto analysis in December.
The Basel Committee on Banking Supervision (BCBS) announced its consultation on banks’ crypto asset publicity in October. Commenters can “present suggestions on BCBS proposals, guaranteeing pointers align with the Canadian context,” the OSFI said. In its session, the OSFI particularly asks for commenters to appraise and improve the BCBS disclosure framework. Responses are due by January 31, 2024.