Crypto.com To Offer Crypto Products Under Canada’s OSC
- Crypto.com has become the first crypto exchange to commit to offering its products and services in line with the rules of the Canadian watchdog, the Ontario Securities Commission (OSC).
- The exchange will set up an European hub for all the crypto investors in the European region.
Singapore-based crypto exchange platform Crypto.com has become the first crypto exchange to commit to offering its products and services in line with the rules of the Canadian watchdog — the Ontario Securities Commission (OSC).
According to a recent announcement, the OSC granted the exchange pre-registration undertaking for operations in Canada. A joint Canadian Securities Administration (CSA) initiative led by the OSC and all Canadian jurisdictions acknowledged this agreement, making Crypto.com the first crypto exchange currently operating in accordance with this regulatory undertaking in Canada.
According to the new agreement, Crypto.com is dedicated to collaborating with the OSC to provide a range of products and services totally compliant with Canadian laws.
This effort expands on the exchange’s existing regulation in Canada under the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and Autorité des marchés financiers (AMF) of Quebec. In February last year, Crypto.com registered with FINTRAC as a money service provider.
Kris Marszalek, the CEO of the company, said that the company prioritizes regulatory compliance above anything else. According to him, the North American market, especially in Canada, has massive growth potential in the crypto industry. Marszalek added:
“We are proud to work with the OSC and the CSA in providing Canadian customers access to a safe, secure, and reliable global platform.”
The Monetary Authority of Singapore granted Crypto.com in-principle approval to operate as a virtual asset service provider (VASP), despite tightening regulations on retail trading in the city-state. In March 2022, the exchange joined the Blockchain Association of Singapore.
The regulatory approval in Ontario comes days after Crypto.com secured Electronic Financial Transaction Act and VASP registration in South Korea by acquiring payment service provider PnLink Co., Ltd. and virtual asset service provider OK-BIT Co., Ltd. Additionally, it obtained registrations in Cyprus, Greece, and Italy as well as the Cayman Islands in recent times.
Intensifying its expansion, the exchange recently partnered with Canadian e-commerce giant Shopify to incorporate Crypto.com Pay as a payment service at Shopify’s merchants across the world.
However, in June, Crypto.com announced that it was laying off some portion of its staff when the crypto winter market was in full swing. Moreover, the company faced a hack in January this year, losing 4,600 ETH and 444 BTC, which the attacker laundered via the recently-sanctioned Tornado Cash.