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Ontario Regulator Wants to Keep Overseeing Stablecoins on Crypto Platforms
Ontario regulator wants to keep overseeing stablecoins on crypto platforms as Ottawa builds a new framework.
Key points
- Ontario's securities regulator wants to retain its role in supervising stablecoin use on crypto trading platforms.
- Grant Vingoe said the OSC sees little reason to impose overlapping requirements when another regime covers the same risks.
- The OSC is negotiating Ontario's entry into Canada's two-way securities passport system, Vingoe said.
Why it matters. Unclear provincial oversight of stablecoins on crypto platforms once the federal act takes effect could leave the regulatory split between Canada and the U.S. in place.
Ontario's securities regulator wants to keep supervising how stablecoins are used on crypto trading platforms, while being prepared to leave some oversight of the tokens to federal authorities, OSC CEO Grant Vingoe said at The Logic Summit. Vingoe said the regulator views stablecoins as securities or potentially derivatives but sees little reason to impose overlapping requirements when another regime already covers the same risks.
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Ontario Regulator Wants to Keep Overseeing Stablecoins on Crypto Platforms
Grant Vingoe, chief executive of the Ontario Securities Commission, said the regulator wants to keep its role supervising how stablecoins are used on crypto trading platforms. He spoke on a panel at The Logic Summit in Toronto. Vingoe said the OSC is prepared to leave some oversight of the tokens themselves to federal authorities. The comments come as Ottawa develops a new regulatory framework for digital assets. The division of responsibilities between provincial and federal regulators has not yet been finalised.