{
  "name": "Canadian DeFi rules tracker",
  "url": "https://decentralizedfinance.ca/rules",
  "checked": "2026-11-01",
  "license": "Facts from official sources; compilation by DecentralizedFinance.ca (MITEY).",
  "entries": [
    {
      "id": "carf",
      "date": "2027-01-01",
      "body": "Finance Canada / Parliament",
      "area": "tax",
      "title": "Crypto-Asset Reporting Framework (CARF): platforms to report users to CRA",
      "status": "proposed",
      "summary": "Draft rules (2025-08-15) would require crypto-asset service providers to file annual information returns about users. Budget 2025 deferred the application date to January 1, 2027. The measure is in Bill C-31, which was reported back from committee with amendments on 2026-10-30 and had not received Royal Assent as of 2026-11-01.",
      "defi": "Platforms would share your transaction information with CRA. Your own reporting obligations already apply either way. No official page we found states the first reporting date.",
      "source": {
        "url": "https://www.parl.ca/legisinfo/en/bill/45-1/c-31",
        "title": "LEGISinfo: Bill C-31 (45-1)",
        "shown": "2026-10-30"
      },
      "more": "/canada/carf-reporting",
      "log": [
        {
          "date": "2025-08-15",
          "note": "Draft legislative proposals released."
        },
        {
          "date": "2025-11-04",
          "note": "Budget 2025: application deferred to 2027-01-01."
        },
        {
          "date": "2026-05-06",
          "note": "Bill C-31 first reading."
        },
        {
          "date": "2026-06-03",
          "note": "Second reading; referred to the Finance committee."
        },
        {
          "date": "2026-10-30",
          "note": "Committee reported the bill with amendments."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: at report stage, no Royal Assent; Senate pre-study authorized 2026-06-10."
        }
      ]
    },
    {
      "id": "stablecoin-regulations",
      "date": "2026-10-24",
      "body": "Finance Canada (Canada Gazette Part I)",
      "area": "stablecoins",
      "title": "Proposed Stablecoin Regulations published for consultation",
      "status": "proposed",
      "summary": "Proposed rules: redemption at par within 3 business days, redemption fees capped at 1%, no interest or yield for holding, daily reserves of high-quality liquid assets in segregated accounts at a qualified Canadian custodian, monthly reporting to the Bank of Canada, and penalties up to $1 million (serious) or $10 million (very serious). The government aims for fall 2027.",
      "defi": "Comments are open for 60 days from 2026-10-24 (our calculation: about 2026-12-23). Yield on stablecoins would have to come from somewhere other than the issuer.",
      "source": {
        "url": "https://gazette.gc.ca/rp-pr/p1/2026/2026-10-24/html/reg1-eng.html",
        "title": "Stablecoin Regulations, Canada Gazette Part I, Vol. 160, No. 43",
        "shown": "2026-10-24"
      },
      "more": "/canada/stablecoin-act",
      "log": [
        {
          "date": "2026-10-24",
          "note": "Published for 60-day consultation."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: consultation open; details confirmed on the Gazette page."
        }
      ]
    },
    {
      "id": "prediction-markets",
      "date": "2026-04-02",
      "body": "CSA and CIRO",
      "area": "platforms",
      "title": "Prediction markets: current rules, then guidance on event contracts",
      "status": "in-force",
      "summary": "Anyone facilitating trading in event contracts that are securities or derivatives must be registered or recognized; no prediction market has been recognized as an exchange or registered as a dealer by the CSA. On 2026-08-27 the CSA said sports and entertainment event contracts should not be regulated within securities law.",
      "defi": "On-chain prediction markets are not authorized in Canada; using one is outside Canadian investor protection.",
      "source": {
        "url": "https://www.securities-administrators.ca/news/prediction-markets-csa-and-ciro-remind-industry-and-investors-of-the-current-rules/",
        "title": "Prediction markets: CSA and CIRO remind industry and investors of the current rules",
        "shown": "2026-04-02"
      },
      "log": [
        {
          "date": "2026-04-02",
          "note": "Reminder published."
        },
        {
          "date": "2026-08-27",
          "note": "Joint notice: sports and entertainment event contracts outside securities law; other types under assessment."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: added to tracker."
        }
      ]
    },
    {
      "id": "project-tokenization",
      "date": "2026-03-31",
      "body": "CSA",
      "area": "platforms",
      "title": "CSA launches Project Tokenization",
      "status": "proposed",
      "summary": "The CSA began work on how tokenized financial products fit securities law, starting with stakeholder engagement and workshops (Calgary 2026-04-09, Toronto 2026-06-11). Later phases could include a discussion paper or live testing.",
      "defi": "Tokenized securities and real-world assets are where DeFi meets regulated markets. A discussion paper would be the first CSA document addressing this directly.",
      "source": {
        "url": "https://www.securities-administrators.ca/news/csa-invites-stakeholders-to-participate-in-tokenization-initiative/",
        "title": "CSA invites stakeholders to participate in tokenization initiative",
        "shown": "2026-03-31"
      },
      "log": [
        {
          "date": "2026-03-31",
          "note": "Initiative launched."
        },
        {
          "date": "2026-05-20",
          "note": "Toronto workshop livestream announced."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: no discussion paper yet."
        }
      ]
    },
    {
      "id": "stablecoin-act",
      "date": "2026-03-26",
      "body": "Parliament / Finance Canada / Bank of Canada",
      "area": "stablecoins",
      "title": "Stablecoin Act: enacted, not in force",
      "status": "enacted",
      "summary": "Announced in Budget 2025 (2025-11-04) and enacted by Bill C-15 (Royal Assent 2026-03-26). The Justice Laws consolidation marks it 'not in force'. Finance Canada's framework: 1:1 high-quality liquid reserves, redemption at par, no interest or yield to holders, Bank of Canada supervision.",
      "defi": "When in force it will regulate fiat-backed stablecoin issuers, not DeFi protocols. Until then, no Canadian stablecoin-specific law protects holders, and CDIC does not cover stablecoins.",
      "source": {
        "url": "https://laws-lois.justice.gc.ca/eng/acts/S-15.9/FullText.html",
        "title": "Stablecoin Act (S.C. 2026, c. 3, s. 600)",
        "shown": "2026-10-15"
      },
      "more": "/canada/stablecoin-act",
      "log": [
        {
          "date": "2025-11-04",
          "note": "Announced in Budget 2025."
        },
        {
          "date": "2026-03-26",
          "note": "Royal Assent (Bill C-15)."
        },
        {
          "date": "2026-03-31",
          "note": "Finance Canada framework page updated."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: still marked not in force; no coming-into-force order found in Canada Gazette Part II regular issues to 2026-10-21."
        }
      ]
    },
    {
      "id": "osc-investment-limit",
      "date": "2026-03-25",
      "body": "OSC",
      "area": "platforms",
      "title": "Example platform terms: the $30,000 investment limit",
      "status": "in-force",
      "summary": "An OSC director's decision for one authorized platform (2026-03-25) sets a 12-month net investment limit of $30,000 for most retail clients ($100,000 for eligible crypto investors; none for accredited) on crypto other than specified assets such as Bitcoin, Ether and Solana. The limit does not apply in Alberta, BC, Manitoba, Québec or Saskatchewan under that decision.",
      "defi": "Limits like this are platform-specific terms, not a general law. They do not apply to DeFi.",
      "source": {
        "url": "https://www.osc.ca/en/securities-law/orders-rulings-decisions/newton-crypto-ltd-3",
        "title": "OSC Director's decision (2026-03-25)",
        "shown": "2026-03-25"
      },
      "more": "/canada/platform-rules",
      "log": [
        {
          "date": "2026-03-25",
          "note": "Amended decision issued."
        },
        {
          "date": "2026-10-30",
          "note": "Checked: added to tracker."
        }
      ]
    },
    {
      "id": "csa-src-2025",
      "date": "2026-02-12",
      "body": "CSA Systemic Risk Committee",
      "area": "stablecoins",
      "title": "CSA risk report: stablecoins growing, not currently systemic",
      "status": "completed",
      "summary": "The CSA's 2025 report noted the growing role of stablecoins and the risks of high concentration, and said it does not see stablecoins currently presenting a systemic risk.",
      "defi": "Stablecoins are DeFi's main settlement asset; the CSA is watching them while federal issuer rules are pending.",
      "source": {
        "url": "https://www.securities-administrators.ca/news/csa-publishes-2025-systemic-risk-committee-annual-report/",
        "title": "CSA publishes 2025 Systemic Risk Committee Annual Report",
        "shown": "2026-02-12"
      },
      "log": [
        {
          "date": "2026-02-12",
          "note": "Report published."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: added to tracker as context."
        }
      ]
    },
    {
      "id": "ciro-custody",
      "date": "2026-02-03",
      "body": "CIRO",
      "area": "platforms",
      "title": "CIRO digital asset custody framework for crypto platforms",
      "status": "in-force",
      "summary": "CIRO issued a tiered, risk-based custody framework for dealer members operating crypto platforms, imposed through membership terms and effective immediately. It covers crypto and tokenized assets, including stablecoins.",
      "defi": "Sets how registered platforms must hold your crypto. It does not apply to anything you move into a DeFi protocol.",
      "source": {
        "url": "https://www.ciro.ca/newsroom/publications/ciro-issues-guidance-digital-asset-custody-crypto-asset-trading-platforms",
        "title": "CIRO issues guidance on digital asset custody",
        "shown": "2026-02-03"
      },
      "more": "/risks/platform-failure",
      "log": [
        {
          "date": "2026-02-03",
          "note": "Framework issued (Guidance Note 26-0033)."
        },
        {
          "date": "2026-10-30",
          "note": "Checked: added to tracker."
        }
      ]
    },
    {
      "id": "cra-crypto-pages",
      "date": "2025-10-29",
      "body": "CRA",
      "area": "tax",
      "title": "CRA replaces its crypto guide with a set of crypto-asset pages",
      "status": "in-force",
      "summary": "CRA's 'Information for crypto-asset users and tax professionals' (modified 2025-10-29) replaced the older guide. Sub-pages cover dispositions and income (2025-12-02), mining and staking (2025-11-10), records (2025-11-10) and GST/HST (2025-11-10). None addresses DeFi lending, liquidity pools, wrapping or bridging.",
      "defi": "CRA's general rules apply to DeFi, but CRA has not said how lending, pools, wrapping or bridging are treated. See the treatment map for each action.",
      "source": {
        "url": "https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/cryptocurrency-guide.html",
        "title": "Information for crypto-asset users and tax professionals",
        "shown": "2025-10-29"
      },
      "more": "/tax/treatment-map",
      "log": [
        {
          "date": "2025-10-29",
          "note": "Landing page modified."
        },
        {
          "date": "2025-12-02",
          "note": "Income from crypto-asset transactions page modified."
        },
        {
          "date": "2026-10-30",
          "note": "Checked: old guide URL returns 404; no DeFi-specific content."
        }
      ]
    },
    {
      "id": "csa-lending-reminder",
      "date": "2025-10-22",
      "body": "CSA",
      "area": "platforms",
      "title": "CSA reminder to crypto-backed lending platforms",
      "status": "in-force",
      "summary": "The CSA reminded crypto-backed lending platforms that they may be trading or distributing securities requiring registration and a prospectus, and told investors to check registration or exemptive relief.",
      "defi": "Borrowing against crypto through a platform should involve a registered or exempted provider. DeFi lending protocols have no such status.",
      "source": {
        "url": "https://www.securities-administrators.ca/news/csa-reminds-crypto-backed-lending-platforms-of-potential-regulatory-requirements-and-cautions-investors-over-risks/",
        "title": "CSA reminds crypto-backed lending platforms of potential regulatory requirements",
        "shown": "2025-10-22"
      },
      "more": "/learn/lending-protocols",
      "log": [
        {
          "date": "2025-10-22",
          "note": "Reminder published."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: two crypto-backed lending platforms appear on the CSA authorized list."
        }
      ]
    },
    {
      "id": "ni-81-102-crypto-funds",
      "date": "2025-07-16",
      "body": "CSA",
      "area": "platforms",
      "title": "New rules for investment funds holding crypto (NI 81-102) in force",
      "status": "in-force",
      "summary": "Amendments set which crypto assets public crypto funds may hold, limit crypto investing by other public funds, and require custodians to keep private keys in offline storage with limited exceptions. Published 2025-04-17; in force 2025-07-16.",
      "defi": "Regulated crypto ETFs and funds are the main alternative for people who want exposure without self-custody or DeFi protocol risk.",
      "source": {
        "url": "https://www.securities-administrators.ca/news/canadian-securities-regulators-publish-amendments-pertaining-to-investment-funds-investing-in-crypto-assets/",
        "title": "CSA publishes amendments for investment funds investing in crypto assets",
        "shown": "2025-04-17"
      },
      "log": [
        {
          "date": "2025-04-17",
          "note": "Final amendments published."
        },
        {
          "date": "2025-07-16",
          "note": "In force."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: added to tracker."
        }
      ]
    },
    {
      "id": "capital-gains-one-half",
      "date": "2025-03-21",
      "body": "Prime Minister's Office",
      "area": "tax",
      "title": "Proposed capital gains inclusion increase cancelled; one-half continues",
      "status": "in-force",
      "summary": "The government cancelled the proposed increase in the capital gains inclusion rate. Half of a capital gain continues to be taxable.",
      "defi": "Gains on crypto treated as capital property remain one-half taxable. Business income from crypto is fully taxable.",
      "source": {
        "url": "https://www.pm.gc.ca/en/news/news-releases/2025/03/21/prime-minister-mark-carney-cancels-proposed-capital-gains-tax-increase",
        "title": "Prime Minister Carney cancels proposed capital gains tax increase",
        "shown": "2025-03-21"
      },
      "more": "/tax/capital-vs-business",
      "log": [
        {
          "date": "2025-01-31",
          "note": "CRA reverted to administering the one-half rate pending legislation."
        },
        {
          "date": "2025-03-21",
          "note": "Increase cancelled."
        },
        {
          "date": "2026-10-30",
          "note": "Checked: CRA crypto page (2025-12-02) still states half of a capital gain is taxable."
        }
      ]
    },
    {
      "id": "csa-src-2024",
      "date": "2025-02-19",
      "body": "CSA Systemic Risk Committee",
      "area": "platforms",
      "title": "CSA risk report: DeFi watched, not yet a stability threat",
      "status": "completed",
      "summary": "The CSA's 2024 annual capital markets report noted ongoing concerns about security, investor safeguards and the lack of regulatory accountability in DeFi, judged DeFi not yet large enough to threaten financial stability, and said surveillance is essential.",
      "defi": "The CSA's clearest published statement on DeFi: monitoring rather than a DeFi-specific rule, for now.",
      "source": {
        "url": "https://www.securities-administrators.ca/csa-activities/csa-systemic-risk-committee/2024-annual-report-on-capital-markets/",
        "title": "CSA 2024 Annual Report on Capital Markets",
        "shown": "2025-12-02"
      },
      "log": [
        {
          "date": "2025-02-19",
          "note": "Report published."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: added to tracker as context."
        }
      ]
    },
    {
      "id": "cra-ti-staking",
      "date": "2025-01-17",
      "body": "CRA (Income Tax Rulings Directorate)",
      "area": "tax",
      "title": "CRA internal interpretation: custodial staking on a CSA-compliant platform",
      "status": "completed",
      "summary": "In internal technical interpretation 2024-1031821I7, CRA said depositing or staking crypto through a platform compliant with CSA requirements is not a disposition (beneficial ownership stays with the user), rewards are generally section 9 income when credited or as they accrue, and business vs property income depends on the user's level of activity.",
      "defi": "Covers custodial staking on registered platforms only. Staking from your own wallet, delegated or liquid staking are still not addressed.",
      "source": {
        "url": "https://taxinterpretations.com/cra/severed-letters/2024-1031821i7",
        "title": "Internal T.I. 2024-1031821I7 (severed letter text)",
        "shown": "2025-01-17"
      },
      "more": "/tax/staking-and-rewards",
      "log": [
        {
          "date": "2025-01-17",
          "note": "Interpretation issued."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: letter text read; added to tracker and treatment map."
        }
      ]
    },
    {
      "id": "vrca-deadline",
      "date": "2024-12-31",
      "body": "CSA",
      "area": "stablecoins",
      "title": "Deadline: platforms may only offer stablecoins that meet CSA terms",
      "status": "in-force",
      "summary": "After two extensions, the CSA set December 31, 2024 as the date after which platforms may only offer stablecoins (VRCAs) that comply with their decision or undertaking terms. The CSA warned stablecoins do not have the protections of regulated deposits.",
      "defi": "Some stablecoins disappeared from Canadian platforms after this date; they remain available in DeFi without these protections.",
      "source": {
        "url": "https://www.securities-administrators.ca/news/csa-provides-update-to-crypto-asset-trading-platforms-about-value-referenced-crypto-assets/",
        "title": "CSA update to platforms about value-referenced crypto assets",
        "shown": "2024-09-26"
      },
      "more": "/compare/stablecoin-types",
      "log": [
        {
          "date": "2024-04-17",
          "note": "Deadline moved from April 30 to October 31, 2024."
        },
        {
          "date": "2024-09-26",
          "note": "Deadline moved to December 31, 2024."
        },
        {
          "date": "2024-12-31",
          "note": "Deadline reached."
        },
        {
          "date": "2026-10-30",
          "note": "Checked: added to tracker."
        }
      ]
    },
    {
      "id": "csa-ciro-dealers",
      "date": "2024-08-06",
      "body": "CSA and CIRO",
      "area": "platforms",
      "title": "Crypto platforms expected to register as investment dealers and join CIRO",
      "status": "in-force",
      "summary": "The CSA and CIRO said crypto trading platforms should prioritize investment-dealer registration and CIRO membership, and that the interim restricted-dealer approach would not continue.",
      "defi": "Registered platforms move toward full dealer standards. DeFi protocols remain outside the system.",
      "source": {
        "url": "https://www.securities-administrators.ca/news/csa-and-ciro-expect-crypto-trading-platforms-to-prioritize-applications-for-investment-dealer-registration-and-ciro-membership/",
        "title": "CSA and CIRO expect crypto trading platforms to prioritize investment dealer registration",
        "shown": "2024-08-06"
      },
      "more": "/canada/platform-rules",
      "log": [
        {
          "date": "2024-08-06",
          "note": "Joint release published."
        },
        {
          "date": "2026-10-30",
          "note": "Checked: added to tracker."
        }
      ]
    },
    {
      "id": "cra-ti-liquidity-pool",
      "date": "2024-03-20",
      "body": "CRA (Income Tax Rulings Directorate)",
      "area": "tax",
      "title": "CRA internal interpretation: liquidity pool deposits and withdrawals are dispositions",
      "status": "completed",
      "summary": "In internal technical interpretation 2023-0973071I7, CRA's Rulings Directorate said that, on the limited facts provided, depositing tokens into a DeFi liquidity pool for receipt tokens and later redeeming them were both dispositions, and that reward tokens were income under sections 3 and 9. CRA stressed the comments may only apply to that situation.",
      "defi": "The only CRA document we found that addresses a DeFi pool. It is non-binding, not published on canada.ca, and disputed by practitioners (Canadian Tax Focus, November 2024). See the liquidity rows of the treatment map.",
      "source": {
        "url": "https://taxinterpretations.com/cra/severed-letters/2023-0973071i7",
        "title": "Internal T.I. 2023-0973071I7 (severed letter text)",
        "shown": "2024-03-20"
      },
      "more": "/tax/treatment-map",
      "log": [
        {
          "date": "2024-03-20",
          "note": "Interpretation issued (internal, severed and released later)."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: letter text read; added to tracker and treatment map."
        }
      ]
    },
    {
      "id": "iosco-defi",
      "date": "2023-12-19",
      "body": "IOSCO (OSC and Québec AMF staff on the working group)",
      "area": "platforms",
      "title": "IOSCO final policy recommendations for DeFi",
      "status": "completed",
      "summary": "IOSCO set out nine non-binding DeFi recommendations, including identifying the responsible persons behind DeFi arrangements, consistent regulatory outcomes, disclosures, enforcement and cross-border cooperation.",
      "defi": "If Canada regulates DeFi directly, expect a focus on who is responsible for a protocol rather than treating it as ownerless. As of 2026-11-01 no Canadian regulator has published a DeFi-specific rule or staff notice.",
      "source": {
        "url": "https://www.iosco.org/news/pdf/IOSCONEWS720.pdf",
        "title": "IOSCO finalises its policy recommendations for DeFi",
        "shown": "2023-12-19"
      },
      "log": [
        {
          "date": "2023-12-19",
          "note": "Final report published."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: no CSA DeFi-specific notice found; this remains the international template."
        }
      ]
    },
    {
      "id": "csa-21-333",
      "date": "2023-10-05",
      "body": "CSA",
      "area": "stablecoins",
      "title": "CSA Staff Notice 21-333: interim terms for stablecoins (VRCAs) on platforms",
      "status": "in-force",
      "summary": "Stablecoins offered on Canadian platforms must meet terms including reserves held by a qualified custodian for holders and public disclosure on governance, operations and reserves. The CSA had said stablecoins may be securities or derivatives.",
      "defi": "Explains why only some stablecoins are available on registered Canadian platforms. In DeFi you can hold any stablecoin, with none of these checks.",
      "source": {
        "url": "https://www.securities-administrators.ca/news/canadian-securities-regulators-clarify-interim-approach-to-value-referenced-crypto-asset/",
        "title": "CSA clarifies interim approach to value-referenced crypto assets",
        "shown": "2023-10-05"
      },
      "more": "/learn/stablecoins-explained",
      "log": [
        {
          "date": "2023-10-05",
          "note": "Staff notice published."
        },
        {
          "date": "2026-10-30",
          "note": "Checked: added to tracker."
        }
      ]
    },
    {
      "id": "boc-defi-note",
      "date": "2023-10",
      "body": "Bank of Canada (staff)",
      "area": "platforms",
      "title": "Bank of Canada staff note: Decentralized finance, innovations and challenges",
      "status": "completed",
      "summary": "A staff analytical note described DeFi's layers (settlement, assets, applications) and concluded that its innovations have potential but introduce new risks. The note states its views are the authors' and may differ from the Bank's official views.",
      "defi": "The most direct DeFi-specific publication from a Canadian federal authority. It is analysis, not a rule.",
      "source": {
        "url": "https://www.bankofcanada.ca/2023/10/staff-analytical-note-2023-15/",
        "title": "Staff Analytical Note 2023-15",
        "shown": "October 2023"
      },
      "log": [
        {
          "date": "2023-10",
          "note": "Published (no day shown on the page)."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: added to tracker as context, not a rule."
        }
      ]
    },
    {
      "id": "csa-21-332",
      "date": "2023-02-22",
      "body": "CSA",
      "area": "platforms",
      "title": "CSA Staff Notice 21-332: enhanced expectations for crypto platforms",
      "status": "in-force",
      "summary": "Enhanced pre-registration undertakings require custody with qualified custodians, segregation of client assets, no margin, credit or leverage, and no offering of stablecoins or proprietary tokens without CSA consent.",
      "defi": "Explains why Canadian platforms limit leverage and which stablecoins they list. These are platform protections; DeFi has none of them.",
      "source": {
        "url": "https://www.osc.ca/en/news-events/news/canadian-securities-regulators-strengthen-oversight-enhance-expectations-crypto-asset-trading",
        "title": "Canadian securities regulators strengthen oversight (OSC copy of CSA release)",
        "shown": "2023-02-22"
      },
      "more": "/canada/platform-rules",
      "log": [
        {
          "date": "2023-02-22",
          "note": "Staff notice published."
        },
        {
          "date": "2026-10-30",
          "note": "Checked: added to tracker."
        }
      ]
    },
    {
      "id": "ciro-created",
      "date": "2023-01-01",
      "body": "CSA members",
      "area": "platforms",
      "title": "New self-regulatory organization (now CIRO) and CIPF take effect",
      "status": "in-force",
      "summary": "Securities regulators recognized the New SRO, combining IIROC and the MFDA, and approved the Canadian Investor Protection Fund, effective January 1, 2023. The New SRO was renamed the Canadian Investment Regulatory Organization (CIRO) on June 1, 2023.",
      "defi": "CIRO is the body crypto trading platforms are expected to join as investment dealers, and it sets their custody framework.",
      "source": {
        "url": "https://www.securities-administrators.ca/new-sro/",
        "title": "Canadian Investment Regulatory Organization and CIPF (CSA)",
        "shown": "2026-07-09"
      },
      "log": [
        {
          "date": "2023-01-01",
          "note": "Amalgamation effective (New SRO)."
        },
        {
          "date": "2023-06-01",
          "note": "Renamed CIRO."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: added to tracker."
        }
      ]
    },
    {
      "id": "csa-dec-2022",
      "date": "2022-12-12",
      "body": "CSA",
      "area": "platforms",
      "title": "CSA expands pre-registration undertakings: custody, segregation, no margin",
      "status": "in-force",
      "summary": "The CSA said platforms operating while seeking registration must give enhanced undertakings: client assets with qualified custodians and segregated, no margin or leverage for Canadian clients, and that stablecoins may be securities or derivatives.",
      "defi": "These protections apply to assets held on a platform. The moment you move crypto into a DeFi protocol, none of them follow.",
      "source": {
        "url": "https://www.securities-administrators.ca/news/csa-provides-update-to-crypto-trading-platforms-operating-in-canada/",
        "title": "CSA provides update to crypto trading platforms operating in Canada",
        "shown": "2022-12-12"
      },
      "more": "/canada/platform-rules",
      "log": [
        {
          "date": "2022-12-12",
          "note": "CSA update published."
        },
        {
          "date": "2026-10-30",
          "note": "Checked: added to tracker."
        }
      ]
    },
    {
      "id": "poloniex-ban",
      "date": "2022-10-27",
      "body": "Capital Markets Tribunal (Ontario)",
      "area": "enforcement",
      "title": "Poloniex permanently banned in Ontario",
      "status": "enforcement",
      "summary": "The Tribunal permanently barred Polo Digital Assets, Ltd. (Poloniex) from trading securities in Ontario and ordered a $1,500,000 penalty, disgorgement of US$1,825,417.89 and $138,371.50 in costs.",
      "defi": "The OSC's first case against an offshore platform ended in a permanent ban. Poloniex is on the CSA banned list.",
      "source": {
        "url": "https://www.capitalmarketstribunal.ca/sites/default/files/2022-10/rad_20221028_polo-digital-assets_order.pdf",
        "title": "Order, In the Matter of Polo Digital Assets, Ltd.",
        "shown": "2022-10-27"
      },
      "more": "/canada/platform-checker",
      "log": [
        {
          "date": "2021-05-25",
          "note": "Statement of allegations."
        },
        {
          "date": "2022-10-27",
          "note": "Final order."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: listed on CSA Banned Crypto Platforms."
        }
      ]
    },
    {
      "id": "okx-settlement",
      "date": "2022-10-12",
      "body": "Capital Markets Tribunal (Ontario)",
      "area": "enforcement",
      "title": "OKX operator settlement: $600,000 penalty and disgorgement",
      "status": "enforcement",
      "summary": "The Tribunal approved a settlement with Aux Cayes FinTech Co. Ltd. (OKX platform): a $600,000 administrative penalty, US$514,950 disgorged, $25,000 in costs and an undertaking limiting its Ontario business.",
      "defi": "Platform availability for Ontarians can change quickly; check a platform's status before relying on it.",
      "source": {
        "url": "https://www.capitalmarketstribunal.ca/sites/default/files/2022-10/rad_20221012_aux-cayes-fintech-2.pdf",
        "title": "Order, In the Matter of Aux Cayes Fintech Co. Ltd.",
        "shown": "2022-10-12"
      },
      "log": [
        {
          "date": "2021-08-18",
          "note": "Statement of allegations."
        },
        {
          "date": "2022-10-12",
          "note": "Settlement approved."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: added to tracker."
        }
      ]
    },
    {
      "id": "bybit-settlement",
      "date": "2022-06-22",
      "body": "OSC / Capital Markets Tribunal",
      "area": "enforcement",
      "title": "Bybit settlement: disgorgement and limits on its Ontario business",
      "status": "enforcement",
      "summary": "Bybit Fintech Limited disgorged US$2,468,910, paid $10,000 in costs and undertook not to open new Ontario accounts or market to Ontarians while registration talks continued, and to wind down leveraged products for Ontario retail clients.",
      "defi": "Leverage and derivatives products from offshore platforms are restricted for Ontario retail users, and platforms can force you to unwind positions.",
      "source": {
        "url": "https://www.osc.ca/en/news-events/news/osc-holds-global-crypto-asset-trading-platforms-accountable",
        "title": "OSC holds global crypto asset trading platforms accountable",
        "shown": "2022-06-22"
      },
      "log": [
        {
          "date": "2022-06-22",
          "note": "Settlement approved."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: added to tracker."
        }
      ]
    },
    {
      "id": "kucoin-ban",
      "date": "2022-06-21",
      "body": "Capital Markets Tribunal (Ontario)",
      "area": "enforcement",
      "title": "KuCoin permanently banned in Ontario with a $2 million penalty",
      "status": "enforcement",
      "summary": "After a hearing with no one appearing for the respondents, the Tribunal permanently ordered KuCoin's operators (Mek Global Limited and PhoenixFin Pte. Ltd.) to cease trading in securities or derivatives in Ontario and imposed a $2,000,000 penalty plus $96,550.35 in costs.",
      "defi": "A large offshore exchange can lose lawful access to Ontario overnight, leaving users with access and recovery risk. KuCoin is on the CSA banned list.",
      "source": {
        "url": "https://www.capitalmarketstribunal.ca/sites/default/files/2022-06/rad_order_20220621_mek-global.pdf",
        "title": "Order, In the Matter of Mek Global Limited and PhoenixFin Pte. Ltd.",
        "shown": "2022-06-21"
      },
      "more": "/canada/platform-checker",
      "log": [
        {
          "date": "2022-06-21",
          "note": "Order issued; reciprocated in other provinces."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: listed on CSA Banned Crypto Platforms."
        }
      ]
    },
    {
      "id": "fintrac-lvctr-travel",
      "date": "2021-06-01",
      "body": "FINTRAC",
      "area": "aml",
      "title": "Large virtual currency transaction reports and the travel rule take effect",
      "status": "in-force",
      "summary": "Reporting entities must report receipts of virtual currency worth $10,000 or more (including several receipts totalling $10,000 within 24 hours for the same person), within 5 working days. From the same date, virtual currency transfers must carry originator and beneficiary information.",
      "defi": "Moving large amounts from a DeFi wallet to a Canadian exchange can trigger a report, and exchanges may ask who owns the wallet you are sending from or to.",
      "source": {
        "url": "https://fintrac-canafe.canada.ca/guidance-directives/transaction-operation/lvctr/lvctr-eng",
        "title": "Reporting large virtual currency transactions to FINTRAC",
        "shown": null
      },
      "log": [
        {
          "date": "2021-06-01",
          "note": "In force: LVCTR and travel rule for virtual currency."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: FINTRAC guidance still states June 1, 2021."
        }
      ]
    },
    {
      "id": "csa-21-329",
      "date": "2021-03-29",
      "body": "CSA and IIROC",
      "area": "platforms",
      "title": "Joint Staff Notice 21-329: how platforms comply (interim restricted-dealer route)",
      "status": "completed",
      "summary": "The notice explained how securities law applies to crypto trading platforms, split them into dealer and marketplace platforms, and allowed time-limited registration as a restricted dealer if they offered no leverage or margin. That interim route was discontinued on 2024-08-06.",
      "defi": "This is the framework behind Canada's registered platforms and the limits on what they may offer. DeFi protocols sit outside it entirely.",
      "source": {
        "url": "https://www.bcsc.bc.ca/securities-law/law-and-policy/instruments-and-policies/2-certain-capital-market-participants/current/21-329",
        "title": "21-329 Guidance for Crypto-Asset Trading Platforms (BCSC)",
        "shown": "2021-03-29"
      },
      "more": "/canada/platform-rules",
      "log": [
        {
          "date": "2021-03-29",
          "note": "Joint staff notice published."
        },
        {
          "date": "2024-08-06",
          "note": "Interim restricted-dealer approach discontinued (CSA/CIRO release)."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: status set to completed."
        }
      ]
    },
    {
      "id": "osc-offshore-deadline",
      "date": "2021-03-29",
      "body": "OSC",
      "area": "enforcement",
      "title": "OSC tells crypto platforms serving Ontarians to come forward by April 19, 2021",
      "status": "completed",
      "summary": "The OSC told platforms offering securities or derivatives in Ontario to contact staff by April 19, 2021 or face action, and said platforms that allow access to Ontarians are treated as operating in Ontario. The first proceeding, against Poloniex, followed on 2021-05-25.",
      "defi": "Offshore does not mean out of scope. Platforms accessible from Ontario can be ordered to stop serving you, which is why several restricted or left.",
      "source": {
        "url": "https://www.osc.ca/en/news-events/news/osc-takes-action-against-non-compliant-international-crypto-asset-trading-platform",
        "title": "OSC takes action against non-compliant international crypto asset trading platform",
        "shown": "2021-05-25"
      },
      "log": [
        {
          "date": "2021-03-29",
          "note": "Warning issued (restated in the OSC release of 2021-05-25)."
        },
        {
          "date": "2021-05-25",
          "note": "Statement of allegations against Polo Digital Assets (Poloniex)."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: added to tracker."
        }
      ]
    },
    {
      "id": "first-platform-decision",
      "date": "2020-08-07",
      "body": "CSA (OSC principal regulator; AMF)",
      "area": "platforms",
      "title": "First crypto trading platform decision in Canada",
      "status": "completed",
      "summary": "The CSA's first crypto asset trading platform decision was for Wealthsimple Digital Assets Inc. on August 7, 2020, through the CSA Regulatory Sandbox. That decision has since expired; later decisions followed the same model of platform-specific terms and conditions.",
      "defi": "Registered platforms became the regulated route for Canadians to buy crypto. Each one's decision sets what it may offer, which is why products differ between platforms.",
      "source": {
        "url": "https://www.securities-administrators.ca/csa-activities/csa-finhub/decisions/",
        "title": "Former CSA Regulatory Sandbox / Crypto Asset Trading Platform Decisions",
        "shown": "2025-02-25"
      },
      "more": "/canada/platform-checker",
      "log": [
        {
          "date": "2020-08-07",
          "note": "Decision issued."
        },
        {
          "date": "2024-01-01",
          "note": "The successor 2023 decision for that entity expired (per CSA list)."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: added to tracker."
        }
      ]
    },
    {
      "id": "fintrac-vc-msb",
      "date": "2020-06-01",
      "body": "FINTRAC / Finance Canada",
      "area": "aml",
      "title": "Virtual currency dealers must register with FINTRAC as money services businesses",
      "status": "in-force",
      "summary": "From June 1, 2020, businesses dealing in virtual currency (exchange or transfer services) must register as money services businesses, report suspicious transactions and run a compliance program. Foreign MSBs directing services at people in Canada are covered too.",
      "defi": "Fiat on-ramps and off-ramps and custodial crypto services serving Canadians are anti-money-laundering regulated. They must verify your identity and may report your transactions, including transfers to and from a DeFi wallet.",
      "source": {
        "url": "https://gazette.gc.ca/rp-pr/p2/2019/2019-07-10/html/sor-dors240-eng.html",
        "title": "SOR/2019-240, Canada Gazette Part II",
        "shown": "2019-07-10"
      },
      "log": [
        {
          "date": "2019-07-10",
          "note": "Regulations published (SOR/2019-240)."
        },
        {
          "date": "2020-06-01",
          "note": "In force: virtual currency dealer MSB registration."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: FINTRAC MSB page (modified 2025-10-01) still lists dealing in virtual currency as an MSB activity."
        }
      ]
    },
    {
      "id": "csa-21-327",
      "date": "2020-01-16",
      "body": "CSA",
      "area": "platforms",
      "title": "CSA Staff Notice 21-327: when crypto platforms fall under securities law",
      "status": "in-force",
      "summary": "CSA staff said securities law can apply to a platform even if it trades only commodity-like crypto, because your contractual right to the asset can itself be a security or derivative. A platform is generally outside this test only if it makes and settles immediate delivery of the asset to you.",
      "defi": "This is where Canada's 'custody means regulated' logic starts. A service that holds your crypto and gives you a claim is treated as a regulated platform; self-custody, where the asset is delivered to your own wallet, is generally outside this test.",
      "source": {
        "url": "https://asc.ca/-/media/ASC-Documents-part-1/Regulatory-Instruments/2020/01/5795238-_-CSA-Staff-Notice-21-327.pdf",
        "title": "CSA Staff Notice 21-327 (ASC copy)",
        "shown": "2020-01-16"
      },
      "more": "/canada/platform-rules",
      "log": [
        {
          "date": "2020-01-16",
          "note": "Staff notice published (guidance, still current)."
        },
        {
          "date": "2026-11-01",
          "note": "Checked: added to tracker."
        }
      ]
    }
  ]
}