USDC issuer Circle has announced that its regulated subsidiary is the first stablecoin issuer to meet the new regulatory requirements set by Canadian authorities.
The move allows Circle’s U.S. dollar-backed stablecoin, USDC, to remain available on registered crypto asset trading platforms in Canada. The approval follows new guidelines from the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA) for Value-Referenced Crypto Assets (VRCAs).
Circle’s Compliance with CSA Regulations
Circle’s commitment to regulatory compliance in Canada marks a milestone for stablecoins in the country. The CSA’s updated regulations require crypto asset trading platforms to meet specific criteria in order to list VRCAs, like USDC.
As the first stablecoin issuer to meet these requirements, Circle ensures that USDC will continue to be available on Canadian platforms. This approval comes ahead of the CSA’s December 31, 2024, cutoff date, by which platforms must delist non-compliant stablecoins.
“Circle’s approach aligns with our commitment to transparency and regulatory adherence,” said Dante Disparte, Chief Strategy Officer at Circle. “By meeting these new standards, USDC remains a trusted choice for Canadian users seeking a regulated and reliable digital asset.”
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