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46-307, CSA Staff Notice Cryptocurrency Offerings

Effective date:

August 24, 2017

Published by the CSA:

August 24, 2017

Overview 

The Canadian Securities Administrators (CSA) published CSA Staff Notice 46-307, Cryptocurrency Offerings, which outlines how securities law requirements may apply to initial coin offerings (ICOs), initial token offerings (ITOs), cryptocurrency investment funds and the cryptocurrency exchanges trading these products.

The notice describes the factors CSA staff consider in assessing whether prospectus, registration and marketplace requirements apply. It also outlines how the CSA Regulatory Sandbox can help financial technology businesses contemplating such offerings and summarizes key issues that businesses should be prepared to discuss with CSA staff.

Any business that is planning to raise capital through an ICO or ITO, or that is seeking to establish a cryptocurrency investment fund, should consider whether it involves a security. Businesses should also contact their local securities regulatory authority to discuss possible approaches to complying with securities laws.

Recent developments

Date

Development

Comments

August 24, 2017

CSA Staff Notice 46-307, Cryptocurrency Offerings, issued

The Canadian Securities Administrators (CSA) published CSA Staff Notice 46-307, Cryptocurrency Offerings, which outlines how securities law requirements may apply to initial coin offerings (ICOs), initial token offerings (ITOs), cryptocurrency investment funds and the cryptocurrency exchanges trading these products.

Note: The above summary of Recent Developments does not include consequential amendments made as the result of other projects.

For details on the history of this Instrument, please refer to the OSC’s Web site.

Amendments under consideration

  • None

 

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