Canada’s Office of the Superintendent of Financial Institutions (OSFI) has opened a consultation period on crypto-asset disclosure requirements for federally regulated financial institutions. The consultation was foreseen in the 2023 federal budget, but its timing is tied to a similar inquiry initiated by the Bank for International Settlements (BIS).
The Canadian government stated in March that it would draw up crypto exposure guidelines for banks “to help protect Canadians’ savings and the security of our financial sector.” The provision is found in Section 5.4 of the budget, titled “Combatting Financial Crime.” The budget also stated that federally regulated pension funds will be required to disclose their crypto exposure to the OSFI — no consultation is required.