The country’s 2023 draft budget has been amended to require federally regulated pension funds to disclose information about cryptoassets to the Office of the Governor of Financial Institutions (OSFI). In addition, the government will require the country’s provincial administrations to assist OSFI in disclosing cryptocurrency investments of similar locally regulated funds.
“The ongoing turbulence in the crypto asset markets and recent incidents from the FTX and Signature Bank crypto trading platforms have demonstrated that crypto assets can threaten the financial well-being of people and national security, as well as the stability and integrity of the global financial system,” the explanatory note to the amendments says.
The government intends to expand OSFI’s mandate to determine whether federally regulated financial institutions have adequate policies in place to protect against foreign interference. Officials will give the regulator more power to intervene when national financial security is threatened.
At the end of 2022, Canada’s largest pension fund, which manages more than $382 billion of client funds, stopped exploring opportunities to invest in cryptocurrencies, and the Ontario Teachers’ Retirement Plan Board said it was writing off its $95 million investment due to problems with a bankrupt trading company. FTX platform.
Source: Bits
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