The Canadian Securities Authority (CSA) announced proposed changes to the regulations governing the management of crypto assets by public investment funds. These amendments, which are currently under consideration, aim to restrict the operations of such funds in the field of cryptocurrencies and to establish specific criteria for their custody.

Under the proposal, only AIFs and non-redeemable funds would be allowed to directly acquire, sell or hold crypto assets. The other mutual funds would be able to invest in crypto assets exclusively through these specialised funds. In addition, assets selected for investment must be listed on a stock exchange recognized by a securities regulator in Canada and be fully fungible.

The new provisions also stipulate that assets must be insured and stored in cold purses. An annual review of the custodian’s internal management practices, conducted by a public accountant, will be implemented.

These amendments will be incorporated into National Instrument 81-102 on Investment Funds and its Complementary Policy. It should be noted that a national instrument in Canada represents a regulation or mandate adopted at the provincial and territorial level across the country.

In the words of the CSA: “These measures seek to facilitate the development of new products in the crypto-asset space, ensuring the incorporation of appropriate risk mitigation strategies into the regulatory framework of investment funds.”

These amendments are part of a draft that was announced in July. Proposals will be subject to a 90-day public consultation period, following which a consultation paper will be drafted and a broader regulatory framework for cryptoassets will be assessed.

K. Tovar

Source: Cointelegraph

(Reference image source: Unsplash+)

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La entrada Canada to amend its rules on cryptoassets apareció primero en Bitfinance.

The Office of Government Ethics (OGE) issued a measure that prohibits legislators who own any type of crypto assets privately from participating in federal laws and policies” that impact the regulation and valuation of crypto assets.

According to the OGE, cryptocurrencies and stablecoins “are not considered publicly traded securities”; thus owning them “could affect the judgment of those who make decisions” that involve them. However, the Office considers that “a maximum investment threshold could be established to filter the affected officials.”

The document published by the OGE indicates: “An employee who owns any amount of cryptocurrency or stablecoin cannot participate in a particular matter if the employee knows that that particular matter could have a direct and predictable effect on the value of his cryptocurrency or stablecoin.”

Mutual funds are exempt

The measure issued by the OGE impacts all US officials who work in public administration, including those who work in the White House. But employees who invest in mutual funds geared towards companies with exposure to cryptocurrencies are exempt from the ban.

Mutual funds can be considered as equity made up of contributions from natural and legal persons to be invested in publicly offered securities and assets permitted by law and are managed by a corporation at the risk and expense of the participants.

The bureau explained that mutual funds that have a stated purpose of “investing broadly in companies that would benefit from or use blockchain technology are considered diversified funds.”

M. Rodríguez

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Source:cripto247.com

La entrada OGE prohibits legislators with cryptocurrencies from participating in its regulation apareció primero en Bitfinance.