CSA

Toronto – The Canadian Securities Administrators (CSA) today published CSA Staff Notice 46-307 (pdf - 122 KB)This link will open in a new window Cryptocurrency Offerings, which outlines how securities law requirements may apply to initial coin offerings (ICOs), initial token offerings (ITOs), cryptocurrency investment funds and the cryptocurrency exchanges trading these products.

The notice describes the factors CSA staff consider in assessing whether prospectus, registration and marketplace requirements apply. It also outlines how the CSA Regulatory Sandbox can help fintech businesses contemplating such offerings and summarizes key issues that businesses should be prepared to discuss with CSA staff.

"The technology behind cryptocurrency offerings has the potential to generate new capital raising opportunities for businesses and we welcome this type of innovation," said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. "Given the growing activity in this novel area, we are publishing guidance to help fintech businesses understand what obligations may apply under securities laws."

Any business that is planning to raise capital through an ICO or ITO, or that is seeking to establish a cryptocurrency investment fund, should consider whether it involves a security. Businesses should also contact their local securities regulatory authority to discuss possible approaches to complying with securities laws.

The CSA Regulatory Sandbox This link will open in a new window is an initiative of the CSA to support fintech businesses seeking to offer innovative products, services and applications in Canada.

The CSA, the council of securities regulators of Canada's provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets. 

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For more information:

CSA member name Point of contact Phone number

Autorité des marchés financiers 

Sylvain Théberge

514-940-2176

 

Alberta Securities Commission

Hilary McMeekin

403-592-8186

British Columbia Securities Commission

Alison Walker 

604-899-6713

Financial and Consumer Affairs Authority of Saskatchewan

Shannon McMillan

306-798-4160

Financial and Consumer Services Commission, New Brunswick

Andrew Nicholson

506-658-3021

Government of Prince Edward Island, Superintendent of Securities

Steve Dowling

902-368-6288

Manitoba Securities Commission

Jason (Jay) Booth

204-945-1660

Nova Scotia Securities Commission

David C. Harrison

902-424-8586

Nunavut Securities Office

Jeff Mason

867-975-6591

Office of the Superintendent of Securities Newfoundland and Labrador

Kimberly Ryan

709-729-2602

Office of the Superintendent of Securities, Northwest Territories

Tom Hall

867-767-9305

Office of the Yukon Superintendent of Securities

Rhonda Horte

867-667-5466

Ontario Securities Commission

Kristen Rose

416-593-2336