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Canada Extends Crypto Compliance Deadline Amid Stablecoin Risks

Key points:

Stablecoin risks prompt tighter Canadian crypto exchange regulations.
Coinbase, Kraken, and Bitget remain trading volume leaders.

Canada extends crypto compliance deadline to the end of 2024, giving exchanges more time to meet requirements amid concerns over stablecoin risks.

Canada Extends Crypto Compliance Deadline to End of 2024

Due to concerns over stablecoin risks, Canada has extended its crypto compliance deadline to the end of 2024. Exchanges have to comply with new regulations on pain of penalties.

The extension buys platforms more time, either to propose a safer alternative or simply to comply with the regulations. Major Exchanges like Binance and KuCoin have exited while others like Kraken remain.

CSA Cites Stablecoin Risks in Extending Crypto Compliance Deadline

The CSA moved to extend the crypto compliance deadline to emphasize investor protection. It has been a very tricky area: regulating stablecoins pegged to the traditional currencies.

Due to non-compliance with the new regulations for exchanges, some penalties or product restrictions may well arise. For having licensed platforms such as Kraken and Coinbase continue to operate, it’s done under tighter rules.

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William

In the fast-paced world of day trading, I've honed my skills for over six years using technical analysis tools and crafting short-term strategies. My expertise isn't from textbooks but from the trenches of online trading communities. I excel at reading chart patterns, applying technical analysis, and mastering risk management. "The market is about probabilities," I declare. As Editor at Coincu, I empower readers with the insights and strategies to conquer the dynamic world of day trading.