Source: Cointelegraph
Original: “NDAX Executive: Canada Got It Wrong Labeling Stablecoins as Securities”
Tanim Rasul, Chief Operating Officer of NDAX, a Canadian cryptocurrency exchange, stated that Canada's classification of stablecoins as securities in 2022 was "wrong," and the country needs to recognize that all other regulatory frameworks view stablecoins as payment tools.
Rasul made these remarks during a panel discussion at the Toronto Blockchain Futurist Conference on May 13, noting that Europe's cryptocurrency regulatory framework could serve as a model for Canada to consider:
"I believe regulators are thinking about whether it is the right choice to view stablecoins as securities. […] I just want to say, look at MiCA, look at how they treat stablecoins. It is a payment tool and should be regulated as such."
The Canadian Securities Administrators (CSA) classified stablecoins as "securities and/or derivatives" in December 2022, a decision made in the wake of "recent events in the crypto market," such as the dramatic collapse of the cryptocurrency exchange FTX just a month prior.
The regulator elaborated on the stablecoin regulatory framework in February and October 2023, categorizing such digital tokens as "value-referenced crypto assets."
Canada's regulatory stance on digital assets has led many top cryptocurrency firms, including Binance, Bybit, OKX, and Paxos, to scale back their operations in the local market. The cryptocurrency exchange Gemini also announced plans to exit in September 2024.
However, this regulatory hurdle has not prevented the robust growth of Canada's digital asset market. According to a research report by Grand View Research, the local cryptocurrency industry is expected to generate $224 million in revenue in 2024, surpassing previous years. The industry is projected to maintain a compound annual growth rate of 18.6% until 2030, when annual revenue is expected to reach $617.5 million.
Stablecoins, which are cryptocurrencies pegged to fiat currencies, have evolved into a core application scenario in the digital asset space. According to DefiLlama data, as of May 14, the total market capitalization of global stablecoins reached $242.8 billion, a 51.9% increase compared to the same period last year.
Countries and economic alliances are accelerating the development of stablecoin regulatory frameworks to address the rapid growth of stablecoin usage worldwide. Although most mainstream stablecoins in the current market are pegged to the US dollar, there is also a rising demand for stablecoins pegged to other fiat currencies.
Related: Major South Korean presidential candidates support the legalization of Bitcoin (BTC) ETFs.
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