Canadian government plans to introduce stricter rules for local cryptocurrency exchanges


Recently, the US Securities and Exchange Commission (SEC) has been taking a prominent role in the cryptocurrency arena. Furthermore, Canada intends to introduce stricter rules for local exchanges, as the CSA regulator is working on a package of rules that will be mandatory for major exchanges.

It seems that these amendments are being made mainly to keep retail investors safe, as Canada is taking steps to tighten cryptocurrency laws from 2022. The fall of the FTX exchange was a major catalyst for this process. Canada's regulators will soon have more information about the new rules.

Experts suggest that Canada's CSA is taking a tough stance on cryptocurrencies, similar to that of the US Securities and Exchange Commission (SEC). This could lead to a mass exodus of relevant businesses from North America to regions with more accommodating attitudes, experts say.

In Norway, law enforcement authorities were able to recover $6 million from a hacking attack on Axie Infinity that was probably perpetrated by the North Korean group Lazarus. It has been recorded that over the past five years, criminals have been able to steal one billion dollars worth of crypto-assets. Notably, the criminals tried to use the famous mixer, Tornado Cash, to launder the illegally obtained funds. Interestingly, the US Treasury Department banned the company from its territory.

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