According to a report released by CoinDesk on Thursday, Canadian Securities Administrators will likely intend to tighten rules related to cryptocurrency exchanges later this month.
In this regard, people familiar with those government plans explained that the recent scams that have taken the digital currency market as an outlet have accelerated the steps of the concerned authorities in Canada to regulate the digital currency market as a whole. Including regulating the operations of cryptocurrency exchanges that are not registered in Canada.
According to the report, this move could devastate the cryptocurrency sector in Canada; Since that step involves completely different procedures from the previously announced rules on the part of the financial regulator in Canada, and those procedures are very expensive to start or continue doing business in the country.
An African country has taken somewhat similar measures. The Central Bank of Rwanda has called on the country’s regulated financial service providers to prohibit facilitating transactions related to various cryptocurrencies within the country; earlier this week.
Reports indicated that the bank took this decision in light of the unregulated situation of most digital currencies, especially as it leaves users without the guarantees associated with regulated financial services.
In this regard, the National Bank of Rwanda confirmed that financial service providers in the country will be prevented from engaging in any activities related to the digital currency sector until a regulatory framework is in place for it, this came in a letter addressed to the managing directors and CEOs of financial service providers inside the country, adding That the ban will help ensure efficient and sound financial services.