Canadian regulator asks banks to provide feedback on crypto risk reporting rules

Office of the Superintendent of Financial Institutions (OSFI) in Canada has requested feedback from the country's banks on the upcoming cryptocurrency risk reporting rules. OSFI stated that digital innovation is changing the way transactions are conducted, money is managed, and value is perceived, but it also brings risks to the financial system. Recent cryptocurrency events have highlighted the risks of unregulated financial innovation. Public disclosure enhances transparency, data comparability, and market discipline, which helps to establish a safer financial system. The feedback deadline is January 31st. The draft guidelines are planned to be announced in the fall of 2024, and the final rules will be announced the following year. (The Block)