Canadian regulator asks banks to provide feedback on crypto risk reporting rules

Odaily News Canada’s Office of Financial Institutions (OSFI) has asked the country’s banks to provide feedback on upcoming cryptocurrency risk reporting rules. OSFI said in a statement that digital innovation is changing the way transactions, managing money and viewing value are changing, but it also brings risks to the financial system. Recent crypto incidents have highlighted the risks posed by unregulated financial innovation. Public disclosure enhances transparency, data comparability and market discipline, helping to build a safer financial system. The deadline for feedback is January 31st. The draft guidance is scheduled to be published in the fall of 2024, with the final rules to be published the following year. (The Block)