APX Lending, a crypto-supported loan company, has gained exemptive relief from the Canadian Securities Administration (CSA) to offer crypto-supported loans without the need for traditional dealer registration or prospectus file.
“Over the past 2 years, APX has developed a (…) framework of cooperation regulation with the Ontario Securities Commission (OSC) to facilitate this, as there is no such framework that has previously existed in Canada,” a spokesman for the APX in the cointelegraph. “This exemption is specific to APX and has not established a preceding for other companies.”
The platform is currently supporting Bitcoin (Btc) and ether (Eth) as a collateral backing for Canadian or US dollars loans. APX plans to add more digital assets and options to Fiat currencies in the near future.
The company says it expands its reach to the United States, with future expansion planned for Australia and New Zealand pending regulation. Andrei Poliakov, founder and CEO of APX Lending, said in a statement:
“By contacting Canada regulators and leading Canada, we set a new benchmark for compliance and crypto lending security, which helps retail and institutional lenders to unlock liquidity while maintaining ownership of their digital assets.”
APX loans range from 20% -60% to none (LTV), with an automatic extermination mechanism triggered by 90% if no action correction took the borrower to raise the collateral or partially pay a loan when the LTV reached the 80% warning level and they were aware of the potential destruction.
Current loan terms From three months to five years, reflecting the relatively flexible crypto structure supported by crypto compared to more durable and often less accessible options Found in traditional financial systems.
APX lending is registered with financial transactions and Canadoc Center (Fintac) Analysis Center. Its major competitors in the local market include LEDN, Nexo, and Youlokler, among others.
APX Lending Founder and CEO Andrei Poliakov Onstage at Blockchain Futurist Conference in 2024. Source: Blockchain Futurist Conference
Related: What does the new liberal PM Mark Carney mean for crypto
Canada’s political scene transfer can spell problems for crypto regulations
Recently elected Prime Minister of Canada Mark Carney was a former central banker who once Bitcoin criticized for being a supply-cappedcalling the 21 million maximum supply of a “severe deficiency.”
In a Speaking At the Scottish Economics Conference at Edinburgh University in March 2018, Carney said: “Reviewing a virtual gold standard will be a criminal act of finance Amnesia.”
Carney’s critical view of Bitcoin and cryptocurrencies may influence the direction of Canada regulation and raise uncertainty about the future of the country’s crypto industry.
However, Carney’s 2025 Platform structured goals to make Canada a global leader in emerging technologies such as artificial intelligence and “digital industry” amid increased geopolitical competition and Trade tensions in the United States.
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