I agree with this movement and law enforcement in Canada and if it is enforced in other countries, it's good.
It's not about the elderly only but for all people who put their savings in Pension funds and don't get enough transparent reports from those entities. If their life savings are all in those Pension funds, their life will be at risk if those entities go bankrupted.
I don't think only cryptocurrency is risky and authorities should ask for more transparancy of all asset types in Pension Funds, not only cryptocurrency. Banks are risky like they did collapsed within hours and days, just few weeks ago. Stocks are risky too and I disagree if they only focus on cryptocurrency.
Topic: Canada Requires Pension Funds to Disclose Crypto Risks - page 2. (Read 304 times)
Why have so many governments become so serious about crypto investments? It all started in the United States and is now in Canada.
Is it all because of FTX?
Even before the FTX case, the government did not like the increasing adoption of cryptocurrencies. The government does not want that the adoption of cryptocurrency to increase, because it will threaten the existence of traditional banking products. Therefore they are trying their best to discredit cryptocurrencies and make them unreliable and unsafe payment/investment products for people.
Quote
Canada's national government said federally regulated pension funds in the country will need to disclose their crypto assets exposure to the Office of the Superintendent of Financial Institutions (OSFI), as Ottawa tightens its regulatory oversight on the volatile industry.
"To help protect Canadians’ retirements, Budget 2023 announces that the government will require federally regulated pension funds to disclose their crypto-asset exposures to OSFI," the government said in the new 2023 budget plan. The federal government will also work with provinces and territories to discuss crypto-asset or related activities disclosures by the country's largest pension plans, which would ensure Canadians are aware of their pension plan’s potential exposure to crypto assets, the budget plan added.
"To help protect Canadians’ retirements, Budget 2023 announces that the government will require federally regulated pension funds to disclose their crypto-asset exposures to OSFI," the government said in the new 2023 budget plan. The federal government will also work with provinces and territories to discuss crypto-asset or related activities disclosures by the country's largest pension plans, which would ensure Canadians are aware of their pension plan’s potential exposure to crypto assets, the budget plan added.
below links may be helpful
To OKX Canadian users
https://www.budget.canada.ca/2023/pdf/budget-2023-en.pdf
https://www.coindesk.com/business/2022/08/17/canadian-pension-giant-caisse-writes-off-150m-bet-on-bankrupt-crypto-lender-celsius/
https://www.coindesk.com/business/2022/11/18/pension-giant-ontario-teachers-plans-to-write-off-all-95-million-invested-in-crypto-exchange-ftx/
https://www.coindesk.com/policy/2023/02/16/canada-close-to-tightening-rules-for-crypto-exchanges-sources/
Source https://finance.yahoo.com/news/canada-ask-pension-funds-disclose-215021857.html
Why have so many governments become so serious about crypto investments? It all started in the United States and is now in Canada.
Is it all because of FTX?
- Yamane
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