The Secretary of Financial Institutions (OSFI), a Canadian bank regulator, has introduced rules for banks to manage their cryptocurrency exposures as interest in digital assets continues to grow domestically.
OSFI announced final guidelines in its regulatory quarterly report on Thursday, final guidelines on cryptocurrency assets and consultations on capital requirements amid major changes in the US regulatory approach that are expected to facilitate requirements . This initiative illustrates key steps in digital assets and financial stability.
According to Globe and Mail, OSFI is reviewing how Canadian banks manage the risks associated with crypto assets. These include platforms and currencies such as Bitcoin within the client’s portfolio. According to regulations, banks should consider cryptos that are directly located on the balance sheet, as well as asset exposures between customers.
Globe and Mail reports that Canadians who own Bitcoin jumped from 5% to 5% to 13% in 2021, according to figures released by the Bank of Canada in December.
Although the view is that OSFI is currently relatively low in risk, the activity is quickly picked up and more surveillance is needed, according to assistant superintendent and top strategy and risk officer Angie Ladiskovich. is.
“We’re in a market where codes are beginning to pick up dramatically,” Ladiskovich said in a conference call with reporters.
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