Same legal nature: OSFI says tokenized deposits are no different from traditional deposits

Odaily reports that Canada's financial regulator OSFI has issued a statement saying that under the legal framework governing federally regulated financial institutions, the legal nature of a financial product or service depends on "what it is," not "how it is implemented." When financial institutions and their third parties launch innovative products such as tokenized and other digital deposits, they must comply with existing laws and regulations as well as guidelines including B-13 "Technology and Cyber Risk Management" and B-10 "Third-Party Risk Management," and proactively communicate with regulators before launching new products or services to obtain appropriate legal advice.