Blockchains and Bagels: the morning market update to get you ready for the day ahead. Today, the Canadian regulatory environment gains clarity with a proposal to regulate digital currency businesses under MSB the framework.
Over the weekend, the Canadian government released a statement suggesting the use of MSB regulation for digital currency businesses. The proposed changes would require digital currency businesses to register with FINTRAC and complete KYC & AML policies, procedures, and reporting.
Finance Magnates reports Fidelity Investments is looking to re-open a digital asset fund to provide clients exposure to the asset class. The company shuttered the fund after key people left the company.
The exchange was compromised over the weekend losing US$ 40 million in alternative coins. The company was able to transfer 70% of its assets to cold wallets. Two-thirds of the stolen coins have been tracked to various exchanges with some fund successfully frozen.
The new regulatory framework identifies strict rules for initial coin offerings. Institutional and ultra-high-net-worth investors will have no cap on their investments but retail investors will be limited to 300,000 Thai Baht or ~C$ 12,000.
Buy Bitcoin, Ethereum, and other digital currencies on Coinsquare, Canada’s most secure trading platform.
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