The deputy governor of the Bank of Canada recommended that the authority needs to regulate the crypto industry before it has grown too large to be ignored.
that regulating the industry has become increasingly pressing as more people have invested in the asset class.
“This is an area that is still small, but it’s growing really rapidly. We don’t want to wait until it gets a lot larger before we bring regulatory controls in place.” Despite the urgency of introducing relevant regulations, she acknowledged difficulties in categorizing and overseeing the asset class within the existing regulatory framework.“These are somewhat like banking assets, somewhat like capital markets,” she said. “One of the challenges is to figure out how do they fit in the current regime, and if they don’t fit, how do we adjust the regime so that they will fit.
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