The Canadian Securities Administrators (CSA) recently published a notice taking a position on cryptocurrencies and specifically touching on cryptocurrency investment funds. In accordance with this, we must notify our Canadian users of several changes regarding their eligibility to use the ICONOMI Platform.
Our vision is to be globally available, and therefore globally compliant. The CSA’s stance is that we should engage in discussions with them to achieve proper compliance with their securities legislation. Because we are not yet in touch with the CSA, nor in the process of getting licensed or registered with the CSA, we must impose temporary measures to protect our Canadian users and to avoid entering a position in which we would not be able to conduct a constructive dialogue.
Canadian ICONOMI users are therefore temporarily subject to limitations on their use of the platform. We will be disabling depositing funds to the platform and buying assets on the platform. The ability to withdraw funds will remain intact, but we suggest withdrawing your funds to an external wallet.
Although we are not registered with the CSA, we are attempting to comply with their regulations to the maximum possible extent. Since digital assets are a new asset class and our services, as the first provider of a Digital Assets Management Platform, are not yet regulated by law, we’re using the existing law and, mutatis mutandis, applying it to our services. In this way, we’re setting up best practices in order to prepare as simple and easy a transition to compliance as possible, as well as to protect all of our users.
These limitations on Canadian users are temporary. As pioneers of Digital Assets Management Platforms, we are breaking new ground in our field, and obstacles are inevitable, as you know.. We are doing our best, as always, to comply with Canadian legislation as soon as possible and appreciate your patience in this matter.