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Circle's USDC has become the first stablecoin to comply with Canada's Value-Referenced Crypto Asset (VRCA) requirements.
These standards, introduced by the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA), are designed to enhance investor protection and regulatory oversight in the rapidly evolving digital asset market.
On December 4, Circle announced that its Canadian subsidiary had fulfilled these requirements.
We are the first stablecoin issuer to meet new Canadian listing rules, facilitating $USDC's continued availability on registered crypto asset trading platforms in the Canadian market.
— Circle (@circle) December 4, 2024
Read more about this milestone.https://t.co/0MdTxgfHIM
"The availability of USDC in Canada underscores Circle’s compliance with emerging global regulations and marks another step forward in fostering a transparent and accountable digital financial ecosystem," said Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle.
"The Canadian Securities Administrators' proactive approach in providing a digital asset regulatory framework reinforces the integrity of digital asset markets, while ensuring continued reliance on USDC across Canada’s burgeoning ecosystem.”
Crypto asset trading platforms registered in Canada that adhere to VRCA requirements will still provide access to USDC after the CSA's December 31, 2024, deadline for delisting stablecoins that fail to meet compliance standards.
The CSA extended the deadline for stablecoin issuers to meet VCRA requirements from October to December 31, 2024.
In July 2024, Circle became the first global stablecoin issuer to achieve compliance with the European Union's Markets in Crypto-Assets (MiCA) regulatory framework.
Blockhead
USDC has experienced notable growth with its market cap surpassing $40 billion, which was recently boosted by dtcpay's shift to focus solely on stablecoins.
The Singapore-based digital payment token provider announced yesterday that it will be phasing out support for cryptocurrencies including Bitcoin and Ethereum by the end of 2024. Instead, dtcpay will only support stablecoins for all of its digital payment services from January 2025.
By focusing on stablecoins, dtcpay aims to offer businesses and consumers a more secure, predictable, and regulatory-compliant payment solution.
Blockhead
