Recently, Canadian Securities Administrators (CSA) released CSA Staff Notice 21-332 Crypto Asset Trading Platforms: Pre-Registration Undertakings (Changes to Enhance Canadian Investor Protection) (Staff Notice).

The Staff Notice presented unregistered crypto asset trading platforms (CTPs) with an ultimatum: agree to a more robust Pre-Registration Undertaking (PRU) within 30 days or cease operating in Canada. The Staff Notice specifically indicated that CTPs which remain non-compliant with the enhanced commitments called for by the Notice may be subject to compliance and/or enforcement action. The ultimatum apparently had the intended effect: the CSA announced on April 12, 2023, that certain unregistered CTPs have filed an enhanced PRU with their principal regulator following the publication of the Staff Notice.

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