2023-11-07 04:00:51

No blanket ban on digital asset operators as Bank of Canada flexes regulatory muscles

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CoinGeek
By Wahid Pessarlay

The Bank of Canada has been saddled with the task of being the chief agency in charge of the digital asset sector.

Since it assumed the role, there have been whispers over the kind of regulatory regime imposed on the industry, but the bank says it willadopta “flexible, risk-based approach.” The central bank noted that it would work with the federal government to establish a proper regulatory framework for operators.

“We’re not going to use a blanket supervisory approach to the task at hand,” said Rob Morrow, the bank’s executive director of Retail Payments Supervision. “We will take a risk-based approach that will focus on end-user impacts and the efficiency of payment services.”

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The Bank of Canada is in talks with legislators to create a comprehensive digital asset law to assist the central bank in discharging its new functions, Reutersreported. It is expected that when the rules come into force, over 2,500 digital asset firms will be under the direct control of the central bank.

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