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  • Thu, Jun 28, 2018 Canadian Regulatory Blockchain Task Force to Help Government Build Unified Regulatory Strategy

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    The Canadian Investment Industry Regulatory Organization (IIROC) announced at its work summary meeting for the fiscal year 2019 that it will establish a task force to provide regulatory policy recommendations for blockchain applications within the capital market ecosystem. The Canadian Investment Industry Supervision Organization is a non-profit industry self-regulatory organization that aims to provide investors with investment protection measures to support the healthy development of the country's capital markets and serve the public interest. They believe that with the advent of blockchain technology and related applications including cryptocurrency, the investment risk of consumers is also increasing, the organization pointed out:

    "The potential applications of blockchain technology are dramatically changing the ecosystem that underpins capital markets. Digital assets such as cryptocurrencies are influencing capital markets in various ways, including potential direct or indirect investment, initial token issuance, and cryptocurrency. Exchanges, etc.” In order to keep up with the rapid development of the blockchain and cryptocurrency industries, the focus of the new Transition Working Group of the Canadian Investment Industry Regulatory Organization will be to analyze the transition of blockchain technology to the existing financial order. Impact on. In addition, they will also work with other Canadian regulatory agencies and stakeholders to build a unified regulatory strategy.

    Earlier this month, the Canadian government issued a new draft regulation for cryptocurrency exchanges and payment service processors, which clearly stated that it would strengthen the supervision of the AML/ATF. In fact, Canada has been exploring blockchain applications in a variety of industry sectors including finance, government, law, health, education, aviation, energy, transnational cryptocurrencies, and initial token distribution. Back in 2016, the Bank of Canada (BoC) launched a blockchain proof-of-concept project called Project Jasper, which aims to achieve efficient securities settlement and real-time exchange transactions by tokenizing cash and assets. However, a Bank of Canada official stated earlier this month that compared to the central bank system, the current stage of blockchain technology has not achieved the effect of cost savings, but there are also other operational risks such as hacking attacks.