On September 28, 2024, the Canadian Securities Administrators (CSA) announced an extension for crypto trading platforms to comply with stablecoin regulations. The new deadline is set for December 31, 2024, following previous extensions from April 30, 2024.
The regulations, first introduced in February 2023, prohibit unbacked stablecoins and allow only fiat-backed stablecoins to continue trading until the new rules are enforced. The CSA is open to alternative compliance methods, aiming to address investor protection concerns.
Meanwhile, Kraken has expressed its commitment to remain in Canada and achieve restricted dealer status, highlighting a collaborative relationship with regulators.