The post Circle USD Achieves Compliance with Canadian Regulations Ahead of 2024 Deadline, Impacting Stablecoin Listings appeared on BitcoinEthereumNews.com.

Canada’s regulatory landscape for stablecoins is shifting as the Canadian Securities Administrators set new compliance rules that must be adhered to by the end of 2024. This significant move aims at enhancing the integrity and security of cryptocurrency transactions on Canadian platforms, ensuring that only compliant stablecoins are available to users. As Jeremy Allaire stated, “This includes cheaper settlement of payment transactions, increased consumer protections, reduced settlement risk, and increased payments competition.” This article discusses Canada’s updated regulatory framework for stablecoins and Circle’s compliance efforts in light of these new rules. Canada’s New Regulations: A Game Changer for Stablecoins The Canadian Securities Administrators (CSA) has introduced a pivotal regulatory framework that will require stablecoins listed on crypto platforms in Canada to comply with strict guidelines by December 31, 2024. This framework, known as the Value-Referenced Crypto Asset (VCRA) regime, targets stablecoins that maintain their value by referencing a fiat currency or other rights. Failure to meet these requirements by the deadline means that non-compliant stablecoins will face delisting, marking a significant regulatory enhancement in Canada’s approach to cryptocurrency. Circle USD (USDC): Leading by Example Circle’s USDC has become the first stablecoin to comply with the new CSA regulations, signaling a positive step toward regulatory acceptance for cryptocurrency assets. Circle has confirmed that USDC now meets all the requirements defined under the VCRA regime. Circle’s CEO, Jeremy Allaire, hopes that USDC can boost the efficiency of cross-border payments and strengthen Canada’s retail and institutional payment systems. As a result, Canadian consumers and institutions can anticipate more cost-effective transaction settlements and greater consumer protections. Global Expansion: Circle’s Compliance Journey Beyond Canada, Circle has been proactive in achieving compliance across multiple jurisdictions. Notably, its French subsidiary recently became the first stablecoin issuer to satisfy the European Union’s Markets in Crypto-Assets (MiCA) regulations, showcasing…

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Filed under: News - @ December 6, 2024 1:24 am