Canada Slaps Crypto Miners With New Regulations To Protect Investors From Fraud

The Canadian Securities Administrators (CSA) is looking at the country`s monetary establishments to prohibit crypto leverage and margin trading. In addition, it has advocated that power providers divert their deliver to crypto mining firms, mentioning the excessive power needs predicted all through the cruel Canadian winter.

According to a file posted with the aid of using The Globe and Mail, the CSA issued a announcement caution its participants approximately the dangers related to cryptocurrency trading. The regulator additionally known as for more transparency withinside the industry, inclusive of greater records approximately how cryptocurrencies are being used.

The CSAs choice comes after a have a look at commissioned with the aid of using Credit Suisse Group AG located that there have been greater than $one hundred ten billion really well worth of cryptocurrency publicity throughout Canadas monetary machine as of October 2018.

The CSA stated it'll start operating on its very own proposals for regulating cryptocurrencies in January 2019. It has already despatched letters to regulators throughout Canada asking them to bear in mind imposing policies earlier than then.