Kraken opposes Canadian regulators’ proposed changes to crypto asset laws

Canadian cryptocurrency exchange Kraken has criticised regulations the Canadian Securities Administrators and the Investment Industry Regulatory Organization of Canada have proposed. According to the exchange, proposed regulations characterise the contract between an exchange and an exchange user as security.

Kraken states it is crucial regulators continue differentiating between “crypto assets that are securities under existing Canadian law and crypto assets that operate solely as a form of payment.” Cryptocurrencies, Kraken writes, should not be treated as securities under Canadian law.

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