캐나다 암호화폐 규제: “와일드 웨스트”의 종말

국가 규제기관의 꿈

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.

하지만 그 꿈은 대부분 사라졌습니다. 이 국가 규제기관을 구축할 책임이 있던 조직(자본시장 당국 구현 조직)은 2022년에 해산되었습니다. 오늘날 캐나다는 연방 증권 규제기관이 없는 유일한 G20 국가로 남아 있습니다.

Instead of a single federal entity, the country relies on the Canadian Securities Administrators (CSA)—an umbrella organization that coordinates the rules across all provinces—and a powerful new self-regulatory body: CIRO.

CIRO 등장: 새로운 보안관

On 2023년 1월 1일, 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 2024년 8월, 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.

“제한 딜러” 프레임워크

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:

• 탈출: Binance, KuCoin, Bybit과 같은 주요 글로벌 업체들이 이러한 엄격한 요건을 충족할 수 없다고 판단하여 캐나다 시장에서 철수했습니다.
• 준수자: Coinbase, Kraken 및 현지 업체인 Newton, Bitbuy와 같은 플랫폼들은 규제를 수용하여 제한 딜러 또는 완전한 Investment Dealer로 등록했습니다.

13개의 머리를 가진 괴물

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.

앞을 내다보며: 스테이블코인

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.