カナダの暗号規制：ワイルドウェストの終焉

全国規制当局の夢

For decades, Canadian capital markets have debated the creation of a single national securities regulator—a “Canadian SEC.” In 2018, the Supreme Court of Canada ruled that such a cooperative system would be constitutional, raising hopes that the country’s fragmented patchwork of 13 provincial and territorial regulators would finally unify.

しかし、その夢はほとんど消えてしまいました。この全国規制当局の構築を任された組織（Capital Markets Authority Implementation Organization）は2022年に解散しました。現在、カナダは連邦証券規制当局を持たない唯一のG20諸国です。

Instead of a single federal entity, the country relies on the Canadian Securities Administrators (CSA)—すべての州の規則を調整する傘下組織—そして強力な新しい自己規制機関: CIRO.

CIRO登場: 街の新しい保安官

On 2023年1月1日, a massive consolidation occurred. The Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA) merged to form the Canadian Investment Regulatory Organization (CIRO).

For the crypto industry, CIRO is now the most critical entity to watch. In 2024年8月, the CSA announced that the “interim” period for crypto platforms was ending. New crypto trading platforms (CTPs) can no longer apply for “Restricted Dealer” status—a temporary category used during the transition. Instead, new entrants must apply directly for full membership with CIRO as Investment Dealers.

「制限ディーラー」フレームワーク

Canada has taken a unique, strict approach to crypto compliance. Following the collapse of FTX, Canadian regulators tightened the screws, requiring all operating exchanges to sign “Pre-Registration Undertakings” (PRUs).

These undertakings imposed strict limits on leverage, banned the sale of stablecoins (unless specifically approved), and required the segregation of client assets. This regulatory pressure led to a bifurcation of the market:

• The Exodus: Binance、KuCoin、Bybit といった主要なグローバルプレイヤーは、これらの厳しい要件を満たせないとしてカナダ市場から撤退しました。
• The Compliant: Coinbase、Kraken、そして国内のNewtonやBitbuyといったプラットフォームは規制を受け入れ、Restricted Dealersまたは完全なInvestment Dealersとして登録しました。

13頭の獣

Despite the coordination through the CSA, Canada’s regulatory landscape remains fragmented. A crypto project looking to operate nationwide must arguably adhere to the nuances of 13 different jurisdictions, though the “Passport System” usually allows a firm to deal with a “Principal Regulator” (like the Ontario Securities Commission or the British Columbia Securities Commission) to gain access to other provinces.

However, specific provinces can still diverge. For example, during the early days of the crypto framework, the Ontario Securities Commission (OSC) took a notably more aggressive enforcement stance than its peers, issuing substantial fines to non-compliant foreign exchanges.

今後の展望: ステーブルコイン

The next frontier for Canadian regulation is stablecoins (often referred to as “Value-Referenced Crypto Assets”). In 2025, the federal government introduced draft legislation to regulate fiat-backed stablecoins, placing oversight under the Bank of Canada. This move signals that while securities regulators handle trading platforms, the central bank will likely police the digital currency assets themselves.