#Kraken Submits Pre-Registration Commitment to Ontario Securities Commission (OSC)

03/30/2023 13:40 • Blockchain Briefs • 90 views

According to reports, Kraken, a crypto exchange, has submitted a pre registration commitment to the Ontario Securities Commission of Canada, and has committed to complying with stricter regulations established by the Canadian Securities Authority (CSA), the country’s financial regulator. Kraken has served Canadian customers for over 10 years and has over 250 team members in Canada. Since 2019, the Exchange has been registered as a Canadian currency services company with the Canadian Financial Transactions and Reporting Analysis Center (FINTRAC).

Kraken submitted a pre registration document to the Ontario Securities Commission, Canada, promising to comply with stricter rules

Kraken, a prominent cryptocurrency exchange, has submitted a pre-registration commitment to the Ontario Securities Commission (OSC) of Canada. The exchange has committed to comply with the stricter regulations established by the Canadian Securities Authority (CSA), the country’s financial regulator.

Why Kraken submitted a pre-registration commitment?

Kraken has been serving Canadian customers for over 10 years and has more than 250 team members in Canada. As a responsible player in the crypto industry, Kraken has decided to submit a pre-registration commitment to the OSC to comply with the regulatory requirements set by the CSA.

What stricter regulations will the Canadian Securities Authority impose on Kraken?

The CSA has imposed stricter regulations on crypto companies operating in Canada to protect investors and maintain the integrity of financial markets. The regulations include KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements, mandatory reports on suspicious transactions, and increased transparency in operations.

Kraken’s commitment to comply with the CSA regulations

As a reputable crypto exchange, Kraken understands the importance of complying with regulatory requirements to ensure the safety of its customers’ assets and maintain its position as a reliable player in the crypto industry. The exchange has already been registered as a Canadian currency services company with the Canadian Financial Transactions and Reporting Analysis Center (FINTRAC) since 2019.
Kraken’s pre-registration commitment to the OSC further demonstrates its commitment to complying with the stricter regulations set by the CSA in Canada. The exchange will continue to work closely with the regulatory authorities to ensure that it adheres to all regulatory requirements.

Conclusion

Kraken’s decision to submit a pre-registration commitment to the OSC is a positive development that shows its commitment to being a responsible player in the crypto industry. The exchange’s commitment to complying with the stricter regulations set by the CSA is a positive sign for investors and underscores the importance of regulatory compliance in the cryptocurrency market.

FAQs

1. Will Kraken’s pre-registration commitment affect its Canadian customers?
Ans: No. Kraken will continue to serve its Canadian customers uninterrupted.
2. What other regulatory authorities does Kraken work with?
Ans: In addition to the CSA and FINTRAC, Kraken also works with regulatory authorities in other countries where it operates.
3. Will Kraken’s commitment to regulatory compliance affect its fees or services?
Ans: No. Kraken remains committed to providing reliable services to its customers, and its commitment to regulatory compliance will not affect its fees or services.

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