The U.S. has struggled for crypto clarity. Canada may have the answer
Canada was among the first countries to enact rules for crypto, starting with anti-money laundering guidelines in 2014.
The regulatory clarity has made Toronto a launchpad for blockchain growth, and Wall Street is taking notice.
Mike Novogratz’ Galaxy Digital is headquartered in New York but listed in Canada because it couldn’t go public in the United States.
Canada has quietly become a global leader in digital assets.
Canada was among the first countries to enact rules for crypto, starting with anti-money laundering guidelines in 2014. The country has repeatedly evolved its regulatory guidance in recent years, while U.S. lawmakers remain stuck in gridlock — even with a pro-crypto White House and a Republican-controlled Congress.
That regulatory clarity has made Toronto a launchpad for blockchain growth, and Wall Street is taking notice.
The Federal Deposit Insurance Corporation and Federal Reserve have eased restrictions on banks handling crypto, rolling back prior guidance that required pre-approval for digital asset activities.
The Securities and Exchange Commission has also taken a significant step by rescinding its restrictive accounting bulletin, which had forced companies holding crypto assets for clients to record them as liabilities. The new approach aligns crypto custody with traditional financial instruments.
At the same time, the SEC has launched a new Crypto Task Force, inviting public input on how to better regulate digital assets.$XRP