Kraken Commits to Compliance Pledges to Meet Tougher Canadian Rules
Cryptocurrency exchange Kraken is taking steps to fully comply with new, stricter Canadian regulations. Canada has tightened its rules governing crypto exchanges and set a deadline to commit to a set of enhanced pre-registration undertakings (PRU), prompting Kraken to adjust its operations.
The exchange has filed pre-registration paperwork with the Ontario Securities Commission (OSC) as it aims to become a registered Restricted Dealer in Canada. Kraken decides to finally fold to the OSC's demands and files for registration with them. This means that likely Kraken will begin to enforce KYC on their exchange for Canadian customers. U.S. Cryptocurrency exchange Kraken has filed a pre-registration undertaking with the Ontario Securities Commission as it seeks to become a registered Restricted Dealer. This move signals a significant shift in Kraken's approach to the Canadian market.
Previously, some exchanges chose to exit the Canadian market entirely due to the increased regulatory burden. However, Kraken's decision to pursue registration indicates a commitment to serving Canadian customers within the new regulatory framework. Key aspects of compliance include Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. Compliance Hub. Anti-Money Laundering and stricter monitoring of transactions.
This news follows earlier reports of Kraken, a cryptocurrency exchange, has agreed to halt its staking activities in February with retail investors following allegations from the Securities and Exchange in other jurisdictions. The Canadian regulatory landscape is distinct, requiring a tailored compliance strategy.
What does this mean for Canadian Kraken users? Expect enhanced verification processes and potentially new product offerings as Kraken adapts to the requirements of becoming a registered Restricted Dealer. While specific details are still emerging, the pre-registration filing is a positive step towards long-term stability and access to the Kraken platform for Canadian investors.
Stay informed about the evolving crypto regulatory landscape and the impact on your investments. Consider exploring resources like Get the Kraken app. Products. Kraken. Smart investing made easy. Kraken Pro. Tools for advanced traders. Kraken Desktop. for more information on Kraken's platform and offerings.