On June 25, the Investment Industrial Regulatory Organization of Canada (IIROC) published a notice which sums up the important activities and initiatives that the organization will focus their energy and resources on in 2019.
The non-profit, self-regulating body said in their report that they have created a tenth strategy, namely Supporting Industry Transformation, as an addition to the nine strategies that they have already conceived since 2016.
IIROC said in the report:
“The pace of industry change continues to accelerate, and the rise of financial technology (FinTech), blockchain, digital assets, etc. has transformational implications for markets, investors, dealers, and overall industry infrastructure.”
Through the tenth strategy, the organization will add more insight to stakeholders through further explorations on forthcoming issues and trends, all the while protecting its investors from threats that come with these.
IIROC is only doing as it should, since its chief aim is to serve the public interest through the proposition of protective measures for investors. Also, they are expected to provide comprehensive support for healthy domestic capital markets.
As part of its chief aim, the said organization outlined what it sees to be the stakes of the emergence of applications that use blockchain technology and cryptocurrencies, among others, saying that “the potential application of blockchain technology is poised to dramatically alter the very ecosystem that underpins the capital markets.”
In light of this, IIROC has created its own working group which will focus on gathering knowledge on recent developments on the said technology.
Earlier this month, the said body released a draft which focused on crypto regulations, and that which address specific issues like Anti-Money Laundering (AML) and Anti-Terrorism Financing Regime (ATF).