Crypto trading platform Bitbuy today announced via Twitter that it has received authorization from the Ontario Securities Commission (OSC), making it the first registered marketplace and investment dealer for digital assets.
Another milestone unlocked 🚀🇨🇦
Bitbuy has received registration approval from the Ontario Securities Commission (OSC), making it the FIRST registered marketplace that is also a brokerage of crypto assets.
— Bitbuy (@bitbuy) December 1, 2021
Founded in 2013, Bitbuy is a Toronto-based crypto trading platform that offers a range of services; it has now become a marketplace and broker dealer compared to its competitors that only receive approval to operate as investment dealers or brokers.
The crypto trading firm noted that the just obtained license will enable it to now operate as both a registered marketplace and investment dealer for digital assets.
According to Bitbuy’s CEO, Michael Arbus, the company has been in discussions with financial regulators following an announcement from the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) on setting up a regulatory framework for crypto trading platforms.
Canadian Regulators Approach Towards Crypto
Canada is a crypto-friendly environment, considering that the North American nation has been seeking ways to set up a regulatory framework that will accommodate the emerging asset class and also protect investors in the process.
On March 14, 2019, the CSA and IIROC announced regulatory guidelines on how crypto trading platforms should carry out their operations in the country.
“The guidance in our notice details steps platform operators need to take to comply with securities legislation as they prepare to fully integrate into the Canadian regulatory structure,” Louis Morisset, CSA Chair, said.
Meanwhile, Coinfomania reported earlier this year that Canada’s Department of Finance does not view leading cryptocurrency, Bitcoin (BTC), as a reserve asset.
Per an anonymous source from the Canadian Department of Finance, the financial watchdog noted that the inability of bitcoin to match liability is the reason why it cannot be used as Canada’s foreign reserve asset.