August 25, 2021
In a recent order released by the Ontario Securities Commission (“OSC”), Coinberry Limited (“Coinberry”), a Toronto based crypto asset dealer has been granted a two-year window to operate its platform in Ontario. The company also received approval from the Canadian Securities Administrators (CSA) to operate in all Canadian provinces and territories. These approvals make Coinberry the second crypto asset dealer to receive regulatory approval, one year after Canadian FinTech leader Wealthsimple received the first order.
According to the OSC, “the overall goal of the regulatory framework is to ensure there is a balance between the need to be flexible and facilitate innovation in the Canadian capital markets, while upholding the regulatory mandate of promoting investor protection and fair and efficient capital markets.” In view of this objective, the OSC imposed a variety of conditions on the company, including investment limits for certain clients, disclosure requirements and certain reporting conditions.
Coinberry’s CEO, Andrei Poliakov, highlighted that Coinberry has been on this journey of compliance with provincial and federal regulation since 2018. Poliakov described the regulatory process as more of an “organic process of building trust than demonstrating a checklist of compliance standards”.
Clearly the OSC approval will not only allow Coinberry to move forward in the industry but will also provide an additional cryptocurrency platform that regulators can follow closely as they learn more about the industry in real time.
Author: Bukola Adelusi