{"id":129247,"date":"2025-05-14T18:17:17","date_gmt":"2025-05-14T18:17:17","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129247"},"modified":"2025-05-14T18:17:17","modified_gmt":"2025-05-14T18:17:17","slug":"canada-got-it-wrong-labeling-stablecoins-securities-ndax-exec","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129247","title":{"rendered":"Canada &#039;got it wrong&#039; labeling stablecoins securities \u2014 NDAX exec"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsTanim Rasul, chief operating officer at Canadian crypto exchange NDAX, said Canada \u201cgot it wrong\u201d categorizing stablecoins as securities in 2022, and the country needs to realize that every other regulatory regime is looking at stablecoins as payment instruments.<br \/>\nRasul made the remarks during a panel on May 13 at the Blockchain Futurist Conference in Toronto, pointing to Europe&#8217;s crypto regulatory framework as a model for Canada to consider:<br \/>\n\u201cI\u2019m sure the regulators are wondering if this was the right choice to approach stablecoins as a security.  I would just say, look at MiCA, look at the way they\u2019re approaching stablecoins. It\u2019s a payment instrument. It should be regulated as such.\u201d<br \/>\nThe Canadian Securities Administrators (CSA) classified stablecoins as \u201csecurities and\/or derivatives\u201d in December 2022, following \u201crecent events in the crypto market,\u201d such as the dramatic collapse of crypto exchange FTX just a month before.<br \/>\nRelated: What Canada\u2019s new Liberal PM Mark Carney means for crypto<br \/>\nCanadian Web3 Regulation panel at Blockchain Futurist Conference. Source: CointelegraphThe agency elaborated on stablecoin rules in February and October of 2023, placing such tokens under the umbrella of \u201cvalue-referenced crypto assets.\u201d<br \/>\nCanada\u2019s stance on digital assets led many top crypto companies, including Binance, Bybit, OKX, and Paxos,\u00a0to scale back operations in the local market. Crypto exchange Gemini also announced exit plans in September 2024.<br \/>\nThe regulatory setback, however, hasn\u2019t stopped Canada\u2019s digital asset market from flourishing. According to Grand View Research, the local crypto industry posted revenue of $224 million in 2024, higher than in previous years. It is expected to grow at a compound annual growth rate of 18.6% until 2030, when it is forecast to reach $617.5 million in annual revenue.<br \/>\nRelated: Bitstamp\u2019s departure from Canada is \u2018timing issue,\u2019 says CEO<br \/>\nStablecoins have emerged as key crypto use case<br \/>\nStablecoins, cryptocurrencies pegged to a fiat currency, have emerged as a key use case for digital assets. According to DefiLlama, the current market capitalization for all stablecoins is at $242.8 billion as of May 14, up 51.9% in the past 12 months.<br \/>\nStablecoin market cap. Source: DefiLlamaNation-states and economic blocs are increasingly working on stablecoin regulations to tackle the rising usage across the world. While the most used stablecoins are pegged to the US dollar, there is demand for stablecoins pegged to other fiat currencies.<br \/>\nMagazine: Legal Panel: Crypto wanted to overthrow banks, now it\u2019s becoming them in stablecoin fight<a href=\"https:\/\/cointelegraph.com\/news\/canada-got-it-wrong-labeling-stablecoins-security-ndax-exec?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsTanim Rasul, chief operating officer at Canadian crypto exchange NDAX, said Canada \u201cgot it wrong\u201d categorizing stablecoins as securities in 2022, and the country needs to realize that&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129247"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129247"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129247\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129247"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}