CTP

>"Specifically, the enhanced PRU will include additional commitments from the CTP to hold assets, including cash, securities and crypto assets that are not securities, of a Canadian client ... In the case of crypto assets, in a designated trust account or in an account designated for the benefit of clients with a custodian that comes within the definition of 'Acceptable Third-party Custodian,'" the notice said.

Mentions:#CTP

cdnkevin

11 months ago - May 22, 12:46 AM•r/CryptoCurrency See CommentSee Original Comment

The Canadian government put in protections to help Canadians. Two of the points they list are: - enhanced commitments in relation to the custody and segregation of crypto assets held on behalf of Canadian clients; - enhanced commitments to preclude the unregistered CTP from pledging, re-hypothecating or otherwise using crypto assets held on behalf of Canadian clients; You can read more [here](https://www.osc.ca/en/securities-law/instruments-rules-policies/2/21-332/csa-staff-notice-21-332-crypto-asset-trading-platforms-pre-registration-undertakings-changes).

Mentions:#CTP

improbableyam

11 months ago - May 13, 11:27 PM•r/CryptoCurrency See CommentSee Original Comment

There's no stablecoin ban. The full text of the OSC rules on stablecoins is: >If a CTP requests written consent from the CSA for its clients to enter into crypto contracts to buy or deposit a particular VRCA, we expect the CTP to conduct sufficient due diligence to ensure that applicable risks in respect of the VRCA are addressed, including that: • the VRCA is a Fiat-Backed Crypto Asset; • where distributions of the Fiat-Backed Crypto Asset are made in Canada, such distributions are made in compliance with applicable Canadian securities legislation; • the issuer of the Fiat-Backed Crypto Asset maintains a reserve of assets with a market value at least equal to the value of outstanding units of the Fiat-Backed Crypto Asset at the end of each day; • the reserve of assets is comprised of highly liquid assets, such as cash or cash equivalents; • the reserve of assets is held by a qualified custodian in favour of the Fiat-Backed Crypto Asset holders; • the reserve of assets is segregated from assets of the issuer and the assets of each class of other crypto asset issued by the issuer; • the reserve of assets is subject to a monthly attestation and an annual audit from an independent auditor, copies of which are made publicly accessible in a timely manner; • the redemption rights of the VRCA holder, directly or indirectly, against the issuer of the Fiat-Backed Crypto Asset, or the reserve of assets, are clearly articulated in policies and procedures and publicly disclosed; • the issuer of the Fiat-Backed Crypto Asset maintains a plan for recovery and to support an orderly wind-down in case of a crisis or failure by the issuer or an affiliate of the issuer; • the issuer of the Fiat-Backed Crypto Asset maintains effective governance practices; • key accurate information about the Fiat-Backed Crypto Asset is made publicly accessible in plain and non-technical language; and • the CTP is not otherwise prohibited from allowing clients to enter into crypto contracts in respect of the Fiat-Backed Crypto Asset.

Mentions:#CTP

improbableyam

11 months ago - May 12, 10:17 PM•r/CryptoCurrency See CommentSee Original Comment

Because Binance builds much of their valuation around their make believe tokens like BNB/BUSD. From the original document with the new Canadian requirements: >restrictions on the part of the CTP (Cryptocurrency Trading Platform) relying on crypto assets, including proprietary tokens issued by the CTP or an affiliate of the CTP, in determining the capital of the CTP for excess working capital purposes and in determining the capital base of the CTP;

Mentions:#BNB #BUSD #CTP

improbableyam

11 months ago - May 12, 9:05 PM•r/CryptoCurrency See CommentSee Original Comment

Because Kraken doesn't have any Schrutebucks, and Binance builds much of their valuation around theirs. From the original document with the new Canadian requirements: >restrictions on the part of the CTP (Cryptocurrency Trading Platform) relying on crypto assets, including proprietary tokens issued by the CTP or an affiliate of the CTP, in determining the capital of the CTP for excess working capital purposes and in determining the capital base of the CTP;

Mentions:#CTP

improbableyam

11 months ago - May 12, 8:51 PM•r/CryptoCurrency See CommentSee Original Comment

You're right, by the way. >restrictions on the part of the CTP relying on crypto assets, including proprietary tokens issued by the CTP or an affiliate of the CTP, in determining the capital of the CTP for excess working capital purposes and in determining the capital base of the CTP; Binance is leaving because none of the Schrutebucks they normally pad their books with don't count in Canada anymore.

Mentions:#CTP

anoneatsworld

13 months ago - Mar 12, 9:19 PM•r/CryptoCurrency See CommentSee Original Comment

Gold was storable and tradable before modern currencies even existed, let alone modern infrastructure. I’m not sure BTC matters if there’s no way you’ll able to access or transmit it once you move away from a place that still has power or internet. You know, mobile internet will be gone too so it becomes really, really, really uncomfortable to use something which requires continuous miner support somewhere and assuming that both you, the CTP and the miner have network and power access. If power was scarce I wouldn’t want to turn on my phone just to transmit some bytes and hope everything works out. If cash fails, society will exchange goods. You want my bread? Well, I want your shoes. Okay. And until there is not a somewhat 1990s-level internet infrastructure again, it’s gonna be some form of local deposit receipts (e.g. “cash notes”). That’s the big downside of crypto, it needs to assume that there is some pet of society that operates it and that you have the luxury of accessing that. Gold doesn’t need that. You have it, you exchange it. No matter whether your phone just gave up or the limited amount of internet access you had is used up for the month. Muchhh too risky to couple all that for magic internet money. No I’m case it gets as bad it’s back to the Stone Age. Literally.

Mentions:#BTC #CTP

cdnkevin

13 months ago - Feb 27, 4:39 PM•r/CryptoCurrency See CommentSee Original Comment

#tl;dr Purpose and Background In light of recent insolvencies involving a number of CTPs, including Voyager Digital, Celsius Network, the FTX group of companies, BlockFi and Genesis Global… we are introducing important new investor protection provisions… CTPs that operate in Canada and trade securities or derivatives are required to comply with Canadian securities law requirements, including registering with securities regulators… …where an unregistered CTP is unable or unwilling to provide an enhanced PRU (preregistration undertaking) in a form acceptable to CSA staff or implement the required systems changes within these timelines, we will expect the CTP to take appropriate steps to identify and off-board existing users in Canada (off-boarding), to impose meaningful restrictions to prevent access to products and services offered by the CTP to users in Canada (access restrictions) and to provide notice and timelines to the principal regulator (PR) and other members of the CSA for the implementation of such steps and restrictions. These commitments are a precondition to CSA staff considering an application for registration and related relief. New Provisions (a) Custody and segregation of crypto assets held on behalf of Canadian clients proficient and experienced in holding Crypto Assets … will maintain and apply policies and procedures that manage and mitigate custodial risks retain the services of third-party custodians to hold not less than 80% of the total value of Crypto Assets held on behalf of clients. hold assets, including cash, securities and crypto assets that are not securities, of a Canadian client (a) separate and apart from its own property, (b) in trust for the benefit of the client, (c) in the case of cash, in a designated trust account or in an account designated for the benefit of clients with a Canadian custodian or Canadian financial institution, and (d) in the case of crypto assets, in a designated trust account or in an account designated for the benefit of clients with a custodian that comes within the definition of "Acceptable Third-party Custodian". (b) Restrictions on the ability of unregistered CTPs to pledge, re-hypothecate or otherwise use crypto assets held on behalf of Canadian clients Crypto Assets in trust for the benefit of clients separate and apart from its own assets and from the assets of any custodial service provider. The Filer will not pledge, re-hypothecate or otherwise use any Crypto Assets owned by its clients. (c) Restrictions on the offering of margin, credit or other forms of leverage …CTP not offer or provide margin, credit or other forms of leverage to any client, including both retail and permitted clients… (d) Commitments from controlling mind(s) and global affiliates that affect the Canadian Filer …global affiliates, parent entities and/or their controlling minds will be expected to co-sign the enhanced PRU… (e) Restrictions on the use of crypto assets, including proprietary tokens issued by the CTP or an affiliate of the CTP, in determining the capital of the CTP for excess working capital purposes, including acceptance of these assets for collateral purposes. minimum excess working capital requirement applicable to registered firms, CSA staff will expect a 100% reduction on all crypto assets which are not offset by a corresponding current liability, such as crypto assets held for the clients as collateral to guarantee obligations under crypto contracts. (f) The filing by CTPs of financial information with the CSA members on a regular basis (g) A provision for CTPs to retain/employ a qualified CCO Crypto Assets Available to Canadian Clients on CTPs CTPs are prohibited from permitting Canadian clients to enter into crypto contracts to buy and sell any crypto asset that is itself a security and/or a derivative. the CSA is of the view that stablecoins, or stablecoin arrangements, may constitute securities and/or derivatives. CSA Response if a CTP is unable or unwilling to provide a revised form of PRU compliance and/or enforcement action against the CTP and its principals

Mentions:#FTX #CTP #CCO

coinfeeds-bot

14 months ago - Feb 22, 9:01 PM•r/CryptoCurrency See CommentSee Original Comment

tldr; The Canadian Securities Administrators (CSA) published a notice on Feb. 22 describing new commitments it expects from crypto asset trading platforms (CTPs) seeking registration in Canada. The new commitments represent investor protections in light of the spate of CTP insolvencies that occurred in 2022. CTPs will be contacted by their principal regulators about compliance with the new expectations. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*

Mentions:#CTP #DYOR

pbfarmr

15 months ago - Jan 25, 8:56 PM•r/CryptoCurrency See CommentSee Original Comment

Might be time for you to look into hiring a CPA / CTP

Mentions:#CTP

HELLATOASTY203

18 months ago - Oct 27, 1:10 PM•r/Bitcoin See CommentSee Original Comment

And about regulations it does suck… however the CTP is the only thing that gives things their value over time. There will be bull runs due to speculation, but at the end of the day price will always chase back towards the CTP. Unless in ETHs case if transactions r to constantly keep increasing

Mentions:#CTP

HELLATOASTY203

18 months ago - Oct 27, 1:09 PM•r/Bitcoin See CommentSee Original Comment

I partially agree. I’m basing it off of the lowest CTP I can find. Which is 17k + a bit of the ASICS cost. It is better to have all CTP and see the averages and ranges it has I agree with that. But besides that that’s the foundation of where BTC comes from… meaning in a time of need or during capitulation the ppl mining will be willing to sell there or slightly below

Mentions:#CTP #BTC

freistil90

27 months ago - Jan 31, 10:17 AM•r/CryptoCurrency See CommentSee Original Comment

Really, don’t say “the exchange is manipulating” (in the employees of the exchange in some form) but “independent market participants (which are not working in the exchange) are manipulating”. Those are two very separate scenarios and the former is a hell lot worse than the latter. A bank doing wash trading is one thing, but the exchange not matching trades until a target CTP is involved is a lot worse. Those are very, VERY distinct events. In the Interpretation you are concerned with, crypto market places are a lot worse than classical markets - unregulated, new and with a lot less cash invested in IT security and IT systems. So it’s not just possible, it is essentially trading as if the Glass–Steagall act was not enacted on. Wash trading? Possible. Pump and dump? Look at your average shitcoin, that happens most frequently. Market manipulation? Every day, that’s what this “whale action” and “shaking out the retail traders” means. There’s little requirements on safety as well. Some exchanges like CB are audited by the German version of the SEC (BaFin), but that’s more the exception. And it does not cover market practices, more the operational side (does the exchange have fix and public rules when and under which circumstances it can and must hold trading? How is illegal activity managed, for example trading from accounts that are involved in law cases?) and on the IT side (how guaranteed are uptimes? How fast can a shut down system recover? Can the system take the load it promises? How about IT security?). This is why (unpopular opinion) it is important that crypto trading is regulated similarly to classical trading - because all those bad big players are in that market for ages. Every larger market maker, most of the larger high frequency funds and almost every bulge bracket bank is trading cryptos. And they will outbuy you, outpace you and drain your account if they can. Without regulation, they can. The quora guy is right but distinguishes not between legal and illegal manipulation. A manipulation is neutral, by walking down the hallway you manipulate the legs on your body to drag you through the room, that sounds more damning but it is just walking. Shooting someone with a gun is manipulating his expected lifespan. That’s bad. So know what they talk about, that makes all the difference.

Mentions:#CTP #CB

PositiveAd8977

27 months ago - Jan 11, 12:05 AM•r/CryptoMoonShots See CommentSee Original Comment

🎖 WELCOME TO THE ERA OF ROBOTS. ✅ PRESALE 📆 12th January ▶️ HC: 175 BNB ▶️ LC: 87.5 BNB ▶️ 100% LP ✅ Audit & KYC ✅ NFT & Gamefi 🌐 cybertrontoken.io 🐦 twitter.com/CTP_Token 💬 t.me/CYBERTRONPLANET ❇️ PRESALE: pinksale.finance/#/launchpad/0x9E00eEC657FEeaE41EdF90e00eC93Ce8461cB2Ac?chain=BSC ⏱Countdown: countingdownto.com/?c=4010247