Canada categorized stablecoins as securities and/or derivatives in December 2022, a month after the collapse of cryptocurrency exchange FTX.
Tanim Rasul, chief operating officer at Canadian crypto exchange NDAX, said Canada “got it wrong” categorizing stablecoins as securities in 2022, and the country needs to realize that every other regulatory regime is looking at stablecoins as payment instruments.
Rasul made the remarks during a panel on May 13 at the Blockchain Futurist Conference in Toronto, pointing to Europe's crypto regulatory framework as a model for Canada to consider:
The Canadian Securities Administrators (CSA) classified stablecoins as “securities and/or derivatives” in December 2022, following “recent events in the crypto market,” such as the dramatic collapse of crypto exchange FTX just a month before.
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