Tanem Rasul, CEO CRYPTO Exchand NDAX, said Canada “made a mistake” is classified as stablecoins as securities in 2022, and the country must realize that every other regulatory system discusses Stablecoins as payment tools.
The Messenger made notes during a committee on May 13 at the Blockchain Futurist Conference in Toronto, pointing to the organizational framework for encryption in Europe as a model for looking at Canada:
“I am sure that the organizers are wondering whether this is the right choice to deal with Stablecoins as a guarantee. […] I would just like to say, look at Mika, look at the way they approach Stablecoins. It is a payment tool. It must be organized in this way. “
Canadian Securities officials (CSA) classified Stablecoins as “securities and/or derivatives” in December 2022, following “the recent events in the encryption market”, such as the dramatic collapse of FTX encryption, just one month ago.
Related to: What does the new liberal Prime Minister Mark Carney mean for encryption
The agency was placed on the Stablecoin bases in February and October 2023, situation Such symbols under the umbrella of “valuable reference encryption assets”.
Canada’s position on digital assets has led many major encryption companies, including Binance, Bybit, OKX and Paxos, To expand the scope of operations in the local market. Gemini exchange also Exit plans announced In September 2024.
However, the organizational setback did not prevent the Canada digital assets market. According to To Grand View Research, the local encryption industry recorded revenues of $ 224 million in 2024, which is higher than in previous years. It is expected to grow at an annual growth rate of 18.6 % until 2030, when it is expected to reach $ 617.5 million of annual revenue.
Related to: The CEO says: The departure of Bitstamp from Canada is the “timing issue”
Stablecoins appeared as the case of the use of the main blades
Stablecoins, cryptocurrencies -related currencies appeared as a major use of digital assets. According to To Defillama, the current market value of all Stablecoins is 242.8 billion dollars from May 14, an increase of 51.9 % in the past 12 months.
National countries and economic blocs are increasingly working on Stablecoin regulations to address the growing use worldwide. While the most stablecoins is used in US dollars, there is a request on stablecoins Connect to other Fiat currencies.
magazine: Legal Committee: Crypto wanted to overthrow banks, and now that is in the Battle of Stablecoin
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