Crypto regulation shift: Canada mandates annual disclosure by 2027
The Canadian authorities said that they are introducing a new financial law that will involve cryptocurrency service providers. This is so because it’s connected with the federal budget regulations made in 2024, and it is all about elaborate reporting. Among the main rules designed to prevent money laundering and terrorist financing are the mandatory annual […]
Canada’s Economic Future Hangs in the Balance: AI Offers a Path Forward
Canada faces a pressing economic challenge threatening its foundational values and public services. Over the past decades, the country has witnessed a significant decline in innovation, productivity, and economic growth, placing it at risk of losing ground among its global peers. As per recent reports from the Organisation for Economic Co-operation and Development (OECD), Canada […]
Breaking down Canada’s economic conundrum – What is happening?
Canada finds itself at a crossroads, grappling with an economic puzzle that has everyone from policymakers to the average Joe scratching their heads. It’s about time we dived deep into the nitty-gritty of what’s been going on with the Canadian economy, and folks, buckle up because it’s been a roller coaster of a ride with […]
Canadian AI firms benefit from Google’s $2.7M investment
In a bid to foster innovation and sustainability in the realm of artificial intelligence (AI), tech giant Google has announced a substantial investment totaling $2.7 million. The funding is earmarked for three prominent Canadian AI firms: the Canadian Institute for Advanced Research (CIFAR), the Alberta Machine Intelligence Institute (Amii), and the International Center of Expertise […]
Navigating the Future: AI Surveillance and Workers’ Rights in Canada
As workplace surveillance technology fueled by artificial intelligence (AI) continues to advance, Canadian laws are struggling to keep pace with its implications. Experts warn that the prevalence of AI-driven monitoring systems poses significant challenges to privacy and workers’ rights. The explosive growth of AI-powered surveillance Advancements in AI technology have revolutionized the way employers monitor […]
Bitcoin miner HUT 8 shuts down mining site due to high energy costs
HUT 8, a key player in the Bitcoin mining industry, has announced the closure of its mining facility in Drumheller, Alberta, Canada, effective immediately. The company cited surging energy costs and power disruptions as the main reasons for the shutdown. The Drumheller facility, responsible for approximately 1.4% of HUT 8’s Bitcoin production but consuming about […]
Canada’s Political Campaigns Lag Behind the U.S. in Using AI
Explore the cautious approach Canada is taking towards integrating AI in political campaigns, contrasting with the rapid adoption in the U.S.
Canadian regulator accuses Einstein crypto exchange of fraud
In a significant development within the cryptocurrency sector, the British Columbia Securities Commission (BCSC) has accused the now-defunct Einstein Exchange of operating as a Ponzi scheme following its insolvency in 2018. This announcement brings to light the precarious nature of the operations behind the Canadian cryptocurrency trading platform, which had promised to offer a reliable […]
Federal Court of Canada declares Emergency Law unconstitutional
In a recent ruling, the Federal Court of Canada has deemed the government’s use of the Emergencies Act to curb funds and cryptocurrencies supporting protesting truckers as unreasonable and unconstitutional. Justice Richard Mosley, in his decision on January 23rd, 2024, concluded that there was no genuine national emergency justifying the invocation of the Emergencies Act. […]
Canada seeks to reform crypto investment fund policies
In a significant move to regulate the burgeoning cryptocurrency market, the Canadian Securities Administrators (CSA) announced on January 18 a series of proposed amendments aimed at public investment funds dealing with crypto assets. These amendments, which seek to enhance investor protection and clarify the rapidly evolving digital asset space, are poised to reshape how mutual […]
Canada makes amendments to crypto investment rules
Canada, known for its prudence in financial regulation, is set to revamp its approach to cryptocurrency investments. The Canadian Securities Administrators (CSA) recently proposed a series of amendments that would significantly alter the landscape of crypto investments for public funds. This move isn’t just a small step in regulation; it’s a giant leap for Canadian […]
Why everyone is concerned about Canada’s economy
Amidst a sea of fluctuating global economies, Canada’s situation has garnered a unique blend of concern and cautious optimism. As we dive into the intricacies of this North American economic enigma, it’s clear why the eyes of financial pundits worldwide remain fixated on Canada. Recent surveys from the Bank of Canada reveal a fascinating dichotomy: […]
Why experts are still bullish on Canada’s economy
Canada’s economic landscape is showing signs of robustness, particularly in the currency markets. The Canadian dollar, colloquially known as the loonie, has displayed resilience against its U.S. counterpart, gaining 2.3% in 2023. This strength is projected to continue, defying initial forecasts and showing potential for further advancement. Financial analysts are attributing this to the anticipated […]
Inside Mexico and Canada’s bid to ditch the US dollar
As the geopolitical chessboard sees new moves, Mexico and Canada’s position on joining the BRICS bloc, and by extension, their stance on the US dollar, is garnering global attention. 2023 witnessed a seismic shift in global financial dynamics, with BRICS countries actively seeking to reduce their dependency on the USD. While the bloc expanded its […]
Canadian regulator initiates consultation on bank crypto reporting
The Office of the Superintendent of Financial Institutions (OSFI), Canada’s banking regulator, has initiated a consultation process regarding the formulation of guidelines for banks and financial institutions on reporting cryptocurrency exposures. This move marks a significant step in addressing the risks and challenges posed by the burgeoning digital asset industry. Evaluating risks in digital innovation […]
Google Execs Foresee Generative AI as Potential $210 Billion Boost to Canada’s Economy
In a recent media roundtable, Google executives, led by Sam Sebastian, the vice president and general manager for Google Cloud Canada, unveiled their vision for generative AI (GenAI) as a pivotal force set to reshape not just organizations but the entire Canadian economic landscape. Sebastian likened the potential impact of GenAI to the revolutionary shift […]
Canada Takes Significant Steps in AI Legislation
In recent developments, Canada has revealed a forward-looking legislative framework to consolidate its artificial intelligence (AI) leadership. Industry Minister François-Philippe Champagne recently announced the nation’s AI landscape, addressing its potential and challenges. This article dissects the critical aspects of Canada’s AI legislation, shedding light on the key amendments and their potential impact on the country’s […]
Canada’s economy is shrinking, housing crisis and negative amortization add strain
Canada’s economy experienced an unexpected shinkage in the second quarter, with an annualized rate of -0.2%. According to Statistics Canada, the slowdown in the quarter can be attributed primarily to declines in housing investment, reduced inventory accumulation, and household spending. Meanwhile, the second-quarter figure is significantly below the Bank of Canada’s (BoC) projection for a […]
Canada’s economic pulse: Unprecedented job surge and Bank of Canada’s holding pattern
In recent weeks, Canada has been implementing measures to bolster its economic outlook and has continued to do so incrementally. For this week, the Bank of Canada opted to keep interest rates unchanged, and economic data revealed a surge in job creation, surpassing expectations by nearly double. Canada sees a notable increase in jobs In […]
Coinbase enters the Canadian crypto market with People’s Trust Company partnership
Coinbase announced its entry into the Canadian cryptocurrency market on August 14th. This decision follows strategic cooperation with People’s Trust Company. Notably, this firm is a subsidiary of the well-known People’s Group. As a result, our collaboration will include Interac payment rails. As a result, Coinbase clients in Canada will find it easier to deposit […]
Canada’s CBDC is struggling, and incentives won’t work on Canadians
According to a new Bank of Canada paper, the average Canadian has little reason to adopt a central bank-issued digital currency, which could hinder its widespread acceptance. In the staff discussion paper released on August 10, the central bank examined a hypothetical scenario in which currency was virtually eliminated to determine the potential role of […]
Canadian crypto holders suffer amid strict rules
Brave, outspoken, and unapologetic about it, Canadians find themselves caught in the crossfire of regulation and market trends. The struggle is real for Canadian crypto holders as stringent rules and market conditions have dealt a severe blow to the ownership of Bitcoin and cryptocurrencies in the nation. 2022 has proven to be a year that […]
Survey reveals Canadians’ willingness to embrace Central Bank Digital Currency
A recent survey conducted by WealthRocket found that a significant majority of Canadians are open to the idea of utilizing a central bank digital currency (CBDC). Out of the 1,500 respondents aged 18 and above, approximately 59% expressed interest in embracing a CBDC. However, only 5% demonstrated a high level of willingness, while 25% indicated […]
Canadian regulator busts crypto platforms’ deception
The Canadian Securities Administrators (CSA) has highlighted a series of dubious crypto trading platforms. These platforms, under the guise of legitimacy, have been duping Canadians by aligning themselves with non-existent regulatory entities or dispute resolution organizations. The veil of legitimacy Operating under the premise of delivering legitimate services, these alleged trading platforms have been falsely […]
Bitvo stands strong amidst crypto exchange closures, offers a 50% discount on withdrawal fees
Bitvo Inc., the renowned crypto asset trading platform, is thrilled to unveil a special promotion that will undoubtedly excite new and existing customers. Starting today, June 1st, until August 31st, 2023, Bitvo will offer an incredible 50% discount on its regular withdrawal fee. This gesture comes when numerous cryptocurrency exchanges and trading platforms are regrettably […]
Crypto exchange Bybit exits Canada amid regulatory challenges
Cryptocurrency exchange Bybit has decided to pause its products and services for residents and nationals of Canada, citing recent regulatory developments in the country. The move follows the footsteps of other exchanges, including Binance, that have exited the Canadian market due to a challenging regulatory environment. Bybit takes pause in the Canadian market Bybit stated […]
Canadians shape future currency: Bank of Canada launches public consultation on digital dollar
The Bank of Canada has taken an innovative step to involve Canadians in shaping the future of their currency. As part of its efforts to explore the creation of a Canadian digital dollar, the central bank has launched a public consultation inviting citizens to submit their ideas and suggestions on what features they would like […]
Ontario Pension Fund takes a stand against crypto – Why?
The Ontario Teachers’ Pension Plan (OTPP) is taking a step back from the world of cryptocurrencies following the loss of its $95 million investment in the now-bankrupt crypto exchange FTX. The collapse of FTX in November 2022 resulted in OTPP writing off its entire stake, leading to a more cautious approach to investing in emerging […]
Ontario Teachers’ Pension Plan steps away from crypto industry after FTX loss
The Ontario Teachers’ Pension Plan (OTPP) has declared its decision to steer clear of the cryptocurrency industry following the unfortunate loss of $95 million due to the collapse of FTX. The collapse ensued after the CEO, Sam Bankman-Fried (SBF), misappropriated customer funds. The OTPP, which suffered significant financial repercussions, has taken a stance to avoid […]
Paxos ceases operations in Canada: What happened?
After several months of uncertainty, Paxos, a cryptocurrency exchange platform, has announced that it will cease operations in Canada due to regulatory requirements set by the Ontario Securities Commission (OSC). The decision comes as a surprise to many users of the platform who were hoping for a resolution that would enable them to continue trading […]
Kraken reaffirms commitment to driving crypto adoption in Canada
Kraken, one of the world’s longest-standing and most trusted cryptocurrency platforms, has filed a pre-registration undertaking with the Ontario Securities Commission in order to become a registered Restricted Dealer across Canada—Kraken notified Cryptopolitan. This move reflects Kraken’s dedication to complying with the Canadian Securities Administrators’ recently improved investor protection guidance and is an important step […]
Bitfinex asks Ontario-based customers to close their accounts by Mar 1
TL;DR Breakdown The Ontario Securities Commission(OSC) has begun a crypto crackdown on exchanges, forcing some to cease giving their services. The commission has cracked down on exchanges like Bitfinex, Binance, KuCoin, and Okex. Ontario has begun a crypto crackdown on exchanges operating there. As a result, Bitfinex has advised its Ontario-based clients to close their […]
Canadian Prime Minister Candidate Supports Bitcoin as Legal Tender
TL;DR Breakdown Canadian MP Piolievre backs Bitcoin for legalization Bitcoin over the last two years Pierre Piolievre, the Prime Minister candidate of the Canadian Conservative Party, has publicly declared support for the use of Bitcoin as a legal tender in the country. In a video posted on Monday by YouTube channel BITCOIN, the formal shadow […]
Canadian CBDC: Bank of Canada partners with MIT
TL; DR Breakdown Bank of Canada will partner with MIT on a Canadian CBDC research The research will run for 12 months The US wants to create a CBDC The design and subsequent development of potential CBDCs have been in the works across different countries in the past few years. Although some have crossed the […]
Over 30 crypto wallets linked to the ‘Freedom Convoy’ truckers blocked
TL;DR Breakdown 34 cryptocurrency wallets that are linked to the Canadian truckers Freedom Convoy has been blocked Canadian Prime Minister Justin Trudeau invokes the Emergency Act The HonkHonkHodl campaign to help truckers has received $1 million in Bitcoin A total of 34 cryptocurrency wallets purportedly linked to Canadian truckers protesting COVID-19 limitations and soliciting funds […]
Fresh crisis for Binance in Canada
TL;DR Breakdown OSC says Binance is not registered to operate, warns investors. Canda crackdown hard on unregistered exchanges in 2021. Regulators in Canada, the Ontario Securities Commission (OSC) has announced again that Binance, the world’s largest crypto exchange isn’t authorized to operate in Ontario, according to the province’s securities regulator. The OSC in a statement, […]
Canada approves CAD222B backed firm for BTC custody services
TL;DR Breakdown Canadian regulator, Investment Industry Regulatory Authority (IIROC), has okayed the country’s first Bitcoin (BTC) custody service. Fidelity Clearing Canada (FCC) got the regulator’s nod yesterday; it targets institutional investors. Canada has approved an application by a CAD 222 billion-backed firm to offer BTC sale and custody services. Canada’s IIROC greenlit FCC’s request making […]
China’s ban on crypto mining is Canada’s win, says Khurram Shroff
TL;DR Breakdown China’s clampdown on crypto mining continues as major players exit the country. A shift from China provides Canada with enormous opportunities. Bitcoin ecosystem to experience favorable growth in the long run. China’s ban action, “huge prospects for Canada” China’s ban on crypto mining continues to push critical players of the Asian economic powerhouse. […]
Bybit operating unregistered crypto platform – Canadian regulators
TL;DR Breakdown OSC takes crypto crackdown to Bybit Regulators allege crypto firm is illegal KuCoin takes fall ahead of ByBit The Ontario Securities Commission (OSC) has alleged that popular crypto firm Bybit operates an unregistered crypto asset trading platform in the country. Despite being one of the top crypto exchange firms in the world, the […]
Man saves Canadians from Bitcoin ATM scams
TL:DR Breakdown: A store owner in North Delta saved Canadians from sending thousands of dollars to Bitcoin ATM scammers. This scam has been on the rise in the country, as many people aren’t aware of the Canadian law. Scammers are increasingly pestering residents in Canada with lots of Bitcoin ATM scams, where they impersonate certain […]
