Gemini Submits Pre-Registration Commitment Letter to Ontario Securities Commission
On April 13th, it was reported that Gemini had submitted a pre registration commitment letter to the Ontario Securities Commission (OSC) in Canada, seeking registration as a restri
On April 13th, it was reported that Gemini had submitted a pre registration commitment letter to the Ontario Securities Commission (OSC) in Canada, seeking registration as a restricted dealer and intending to continue operating in Canada through this action. Recent Canadian securities regulations require such registration. These regulations also mean that cryptocurrency companies must separate the funds of Canadian customers from those of foreign users. In addition, the company must refuse to provide certain services to Canadian residents. Gemini’s decision to register in Canada means that it will continue to provide services to retail users in the country. According to Gemini’s website, its exchange is currently available in Canada and supports trading pairs involving Canadian dollars (CAD) and other assets. （Cryptoslate）
Gemini has submitted pre registration documents to Canadian regulatory authorities
Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has made a strategic move in their efforts to expand their global reach. On April 13th, it was reported that the company submitted a pre-registration commitment letter to the Ontario Securities Commission (OSC) in Canada, seeking registration as a restricted dealer. This move is in response to recent Canadian securities regulations that require such registration for cryptocurrency companies operating in Canada.
The Importance of Registration
Cryptocurrency companies must comply with government regulations if they wish to operate in certain jurisdictions. In Canada, registration as a restricted dealer is required in order to provide services to Canadian residents. Gemini’s submission of a pre-registration commitment letter to the OSC means that it is taking the necessary steps to operate in Canada in compliance with these regulations.
The Implications of Canadian Securities Regulations
The Canadian Securities Administrators (CSA) has been working on a regulatory framework for cryptocurrency exchanges since 2018. The framework, known as National Instrument 93-101, sets out guidelines that cryptocurrency companies must follow in order to operate in Canada. One of the key requirements is that funds belonging to Canadian customers must be separated from those of foreign users. This ensures that Canadian customers’ funds are protected in the event of insolvency.
In addition, cryptocurrency companies must refuse to provide certain services to Canadian residents. For example, they cannot provide margin trading, options trading, or other derivative products to Canadians.
Gemini’s Commitment to Canadian Users
Gemini’s decision to register in Canada means that it will be able to continue providing its services to Canadian users. According to its website, the exchange is currently available in Canada and supports trading pairs involving Canadian dollars (CAD) and other assets. By registering with the OSC, Gemini is demonstrating its commitment to complying with Canadian securities regulations and ensuring that its Canadian customers’ funds are protected.
Conclusion
Gemini’s pre-registration commitment letter to the Ontario Securities Commission is a significant move in the company’s efforts to expand its global reach. The move demonstrates a commitment to compliance with government regulations and ensuring that its customers’ funds are protected. For Canadian users, it means that they will be able to continue using Gemini’s services without interruption.
FAQs
1. What is a restricted dealer?
A restricted dealer is a term used by the Ontario Securities Commission (OSC) to refer to firms that deal in securities with a limited group of investors. In the case of cryptocurrency exchanges, it refers to companies that provide services to Canadian residents.
2. Why do cryptocurrency companies need to register in order to operate in Canada?
Cryptocurrency companies must register as restricted dealers in Canada in order to comply with government regulations. This ensures that their operations are in compliance with Canadian securities laws and that Canadian customers’ funds are protected.
3. What services can cryptocurrency companies not provide to Canadian residents?
Cryptocurrency companies in Canada cannot provide margin trading, options trading, or other derivative products to Canadian residents, as these products are considered too risky for retail investors.
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