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Ease regulations for cryptocurrency, entrepreneur asks Canadian Securities Administrators - IT World Canada

Published 2 years ago

Ease regulations for cryptocurrency, entrepreneur asks Canadian Securities Administrators - IT World Canada

IT World Canada via itworldcanada.com

Canada’s securities regulators need to clarify their positions on crypto-currencies and adopt a more friendly approach to open up the investment potential for a new wave of innovative startups, a serial entrepreneur argues in an open letter. Canadians are being robbed of opportunities to invest in homegrown innovative startups that are using an initial coin offering (ICO) to raise capital, writes William Mougayar, a venture capitalist and author of The Business Blockchain.

His open letter and petition on Change.org is addressed to the Canadian Securities Administrators (CSA) and the Ontario Securities Commission (OSC). For the first time, the level playing field is open to Canadian entrepreneurs to compete for a share of this capital, without being limited by the scarcity of Canadian or U.S. venture capital,” he writes.

“But the reality is that Canadian companies have not been able to easily participate in this new wave of wealth creation, in large part due to the regulatory obscurity around compliance requirements.”. Mougayar wants the CSA and OSC to allow Canadian consumers to invest in cryptocurrency instruments from around the globe; for Canadian funds to be created and managed from Canada without In an August 24 staff notice, the CSA outlined how securities law may apply to initial coin offerings, token offerings, and other cryptocurrency investment funds.

Guidelines issued to businesses looking to raise money with an ICO should contact their local securities regulator to see if they’re in compliance with the law, according to the CSA. FinTech companies are encouraged to work with the CSA Regulatory Sandbox program, which can provide exemptions from securities laws and requirements in a faster and more flexible manner than a standard application.

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