With the failure of Voyager, Celsius, and FTX, Canadian securities regulators strengthen Canada regulations for cryptocurrency platforms. These actions were made in response to a number of unregulated foreign crypto trading platforms, including Voyager Digital, Celsius Network, and FTX, that recently went under amid the general crypto slump.
Dapper Labs had no Choice
Dapper Labs dismissed 22% of its employees in November due to the company’s uncontrollably rapid expansion (the workforce went from 100 to 600 in less than two years). The layoffs, according to Gharegozlou at the time, were crucial for the future success of Dapper’s business and communities.
These past few months have already been difficult for the business. The NFTs given by Dapper’s platform appear to fit the definition of security, according to United States District Court Judge Victor Marrero, who declined Dapper’s attempt to have a case involving the site’s NBA Top Shot NFT collection.
Canada is Regulations are Oriented Towards Many Fields
The proposed regulations were released last week in the Canada Gazette by Finance Canada. It also adds to previously disclosed details regarding the RPAA, such as operational risk control, protecting user money, and the necessity of registering and filing reports with the Bank of Canada.
Morrow stated that “FinTech businesses need to know it’s coming, and they need to be ready for this regime when it comes into force.”
Participants in Canada’s FinTech industry have been cautious since the RPAA passed in June. Koho CEO Daniel Eberhard voiced support for the new rules as long as they provide startups an equal chance to compete in Canada’s payments market.
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