- Canada would require pension funds to report their crypto exposures to OSFI.
- BnkToTheFuture CEO Says Canadian Pension Funds Are Struggling From Crypto PTSD.
- Final yr, Canadian pension funds wrote off a $150 million funding in Celsius.
In a brand new 2023 funds plan, the Canadian authorities mentioned federally regulated pension funds within the nation ought to notify the Workplace of the Superintendent of Monetary Establishments (OSFI) of their publicity to crypto property.
Based on the report, the federal government is looking for to guard Canadians’ retirement advantages following a number of high-profile bankruptcies within the monetary world affecting pension funds. This consists of the latest failures of the FTX crypto trade and the Celsius community.
Simon Dixon, CEO of BnkToTheFuture, took to Twitter to touch upon the brand new regulatory requirement. He mentioned Canadian pension funds had “Crypto PTSD” (post-traumatic stress dysfunction) for investing within the FTX trade run by Sam Bankman-Fried after struggling considerably from the collapse of Celsius.
Canadian pension funds have invested in each Sam Bankman-Fried #FTX and Alex Mashinsky #Celsius Fairness – I believe they’ve Crypto PTSD https://t.co/D2ECVONUA3
— Simon Dixon (@SimonDixonTwitt) March 28, 2023
Notably, the Ontario Academics’ Pension Plan wrote down its whole $95 million funding in FTX, that means it decreased the worth of the funding to zero. Beforehand, different Canadian pension funds, comparable to Quebec pension fund Caisse de depot et placement du Quebec (CDPQ), wrote off a $150 million funding in Celsius Community, implying that it didn’t anticipate extra to recoup that funding.
After months of courtroom instances, Celsius lately introduced that it had reached a settlement with the Custody Advert Hoc Group and the UCC. The settlement will permit eligible account holders to enroll and get well most of their digital property which are a part of the custody program. Notably, those that join will obtain 72.5% of their digital property over time.
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