Canada’s representatives of crypto industry are insisting lawmakers to provide greater clarity on crypto exchange regulations. According to Canadian media, most of local cryptocurrency enthusiasts are asking for a greater clarity in regulatory system of crypto exchanges.
Several crypto exchange experts have shared their opinions on unclear guidelines on regulatory obligations. Recently, the Shyft company Chairman, Joseph Weinberg said,
“Until you have regulators come out and say, ‘This is what you have to do,’ as an exchange, you’re kind of guessing and hoping for the best, which is a big problem”.
Also, the CEO of Coinsquare Toronto-based crypto exchange, Cole Diamond, stated:
“We want to be regulating because ultimately we want to be able to provide certainty to our customers that we’re not some fly-by-night trading platform, that they can trust us”.
In the phase of crypto exchange regulatory uncertainty, many Canadian exchanges have voluntarily reported to Fintrac (Financial Transactions and Reports Analysis Centre of Canada).
In response to Fintrac, Mr. Diamond states that,
“they told us we shouldn’t be registered there. We decided to do it anyway because we explained to them we don’t have anywhere else to go. Therefore, we want to be regulated”.
In order to minimize the risk of credit card occurs on crypto exchange platforms,Vancouver-based Einstein Exchange has also initiatively reported to Fintrac. The CEO of Einstein Exchange, Michael Gokturk, described that exchange hit $8.3 billion USD worth attempting fraud on a day early into the exchange’s acceptance of credit card payments.
“However, our system went nuts. It’s so easy to get into this market and it’s so easy to take advantage of the lack of regulation. The best exchanges will welcome regulation as well as transparency and that’s what we’re trying to do. However, we welcome it with open arms”.