Canada 'got it wrong' labeling stablecoins securities — NDAX exec

Quick Summary:

Source: CointelegraphThe agency elaborated on stablecoin rules in February and October of 2023, placing such tokens under the umbrella of “value-referenced crypto assets.”Canada’s stance on digital assets led many top crypto companies, including Binance, Bybit, OKX, and Paxos, to scale back operations in the local market.

Tanim Rasul, chief operating officer at Canadian crypto exchange NDAX, said Canada “got it wrong” categorizing stablecoins as securities in 2022, and the country needs to realize that every other regulatory regime is looking at stablecoins as payment instruments.

Rasul made the remarks during a panel on May 13 at the Blockchain Futurist Conference in Toronto, pointing to Europe's crypto regulatory framework as a model for Canada to consider:“I’m 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’re approaching stablecoins.

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Article Details

Author / Journalist: Cointelegraph by Christopher Tepedino

Category: Crypto

Markets: United StatesCanada

Topics: Exchange Pegged Market Canadian Assets Stablecoins Securities 2022 Digital Canada Crypto

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-05-14 @ 18:28:55 (12 hours ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 363 words

Reading Time: 3 minutes read

Sentences: 17 lines

Sentence Length: 22 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 28717176

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Official Website: cointelegraph.com

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