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OSFI Launches Stablecoin Consultation on International Recommendations

OSFI | Release | Apr 17, 2023

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Today, the Office of the Superintendent of Financial Institutions (OSFI) launched initial consultations on international recommendations related to fiat-referenced crypto-asset arrangements and activities.

  • The article discusses a consultation by the Office of the Superintendent of Financial Institutions (OSFI) in Canada, which aims to provide clarification on digital assets, specifically focusing on fiat-referenced crypto-assets (stablecoins).
    • These stablecoins have gained popularity in the growing crypto-assets market, but also present risks to the Canadian financial system.
    • The information collected in this consultation will support further consultations related to exposure to crypto-assets and is aligned with domestic and international regulators' efforts to address risks tied to these assets. This work complements ongoing work by the Department of Finance on the digitalization of money as part of the financial sector legislative review.

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  • In the fall of 2022, the Financial Stability Board issued 10 draft recommendations for the regulation, supervision, and oversight of stablecoins. OSFI now seeks input from Federally Regulated Financial Institutions (FRFIs) on the application of these recommendations to the Canadian financial system.
    • While the 9-week consultation is aimed at FRFIs, others interested in fiat-referenced crypto-asset arrangements are welcome to participate. This feedback will help inform OSFI’s potential development of risk management expectations for FRFIs that engage in activities in this sector.
  • To participate, please contact diih-caein@osfi-bsif.gc.ca. The consultation period will close on Friday, June 16, 2023.
  • An information session will be held on May 15, 2023 from 1 p.m. to 2 p.m. ET to answer questions participants might have about this consultation on fiat-referenced crypto-asset arrangements and activities. Register at: Information session by May 12 at noon.

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