Government-licensed pension funds are required to disclose information about their crypto investments to the Office of the Superintendent of Financial Institutions (OSFI), the Canadian government said. The Canadian government is tightening regulations on crypto assets.
“To protect Canadians’ retirement, Budget 2023 announces that federally regulated pension funds will require disclosure to OSFI of their crypto investments.”
Some Canadian pension funds are already losing money on crypto-related investments.
In 2022, the Quebec Savings and Investments Corporation (CDPQ) announced that it would write off $150 million invested in Celsius Network. The Ontario Teachers’ Pension Plan, one of Canada’s largest pension funds with approximately $250 billion in assets under management (AUM), also said it would write off its $95 million investment in FTX.
The 2023 Budget states that OSFI will consult with financial institutions on disclosure guidelines for cryptocurrency investments to protect “Canadian savings and the safety of the financial sector.”
“It is clear that government mandates need to play an active role in addressing consumer protection gaps and risks to the financial system in order to protect Canadians from the risks associated with crypto assets.” stated in the budget.
｜Translation: coindesk JAPAN ｜Editing: Takayuki Masuda ｜Image: sebastiaan stam/Unsplash ｜Original: Canada to Ask Pension Funds to Disclose Crypto Exposure


window.fbAsyncInit = function() {
FB.init({
appId : '592401157873165',
cookie : true,
xfbml : true,
version : 'v3.2'
});
FB.AppEvents.logPageView();
};
(function(d, s, id){
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) {return;}
js = d.createElement(s); js.id = id;
js.src = "https://connect.facebook.net/en_US/sdk.js";
fjs.parentNode.insertBefore(js, fjs);
}(document, 'script', 'facebook-jssdk'));

The post Canadian government requests pension fund to disclose information about crypto asset investment | coindesk JAPAN | Coindesk Japan appeared first on Our Bitcoin News .