Not only are Canadian regulators developing coordinated approaches and working with financial institutions and fintech startups, it seems they are also collaborating with the worlds digital influencers to manage the new challenges posed by digital finance.In the latest in a number of reports key Canadian regulators reveal they have been coordinating with major social media platforms to ban the advertising of digital currencies and ICOs. To manage the threat of digital currencies, regulators have held discussions with these platforms and other key financial and technology players.
Its not a revelation to find the Canadian Securities Regulators (CSA) held recent discussions with MasterCard and Visa about digital currencies. It is however, more unusual to see in the CSAs 2017/2018 Enforcement Report the organization disclose that it discussed the potential threat of digital currencies with Facebook and Google amongst others.
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The report also indicates the CSA coordinated with global digital platforms" to ban advertising of digital currencies and ICOs earlier this year.The CSA outlines challenges such as the pace of change, and the borderless nature of business.The story of enforcement is about the connections we have: with each other as professionals, with technologies, with our peers and partner self-regulatory organizations (SROs), with law enforcement authorities and with the investors we aim to protect, said Louis Morisset, CSA Chair.The connections with organizations were made during the 2017/2018 period in order to make it harder for fraudsters to access the digital channels and advertising that can lure Canadians into making certain fraudulent investments.
As well as the discussion and collaboration with major businesses in its actions relating to digital currencies and ICOs, the CSA created an Investment Fraud Task Force, worked with the North American Securities Administrators Association (NASAA), and published a number of guidelines on the applications of securities laws. It also took part in the prosecution of the first ICO in Canada, in Quebec.Cryptocurrencies are one aspect of the coming changes in business products and services driven by fintech innovation, said Jake van der Laan, Vice-Chair of the CSAs Investment Fraud Task Force. Enforcement teams across the CSA mobilized quickly to work together on enforcement efforts to meet the challenges posed by this disruptive new technology.
Indeed, the title of the report is Securities Enforcement in a Connected World. Both the title and the collaborations revealed indicate the CSA is understanding the connected, digital world. It is also making connections with digital firms as it continues its approach to managing digital currencies in Canada and protecting investors from potential risks.In this age of digital transformation and global exchange of information, investors can stay connected like never before. So can fraudsters, said the report.The latest publication by the CSA also covers enforcement actions in other areas including binary options, and its fight against pump and dump schemes. The report gives overall statistics pertaining to regulatory enforcement activities in Canada and follows an earlier publication on the CSAs actions to protect investors over the last fiscal year.Update: an earlier version of this article contained a different title and header image.
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