APX Lending, a crypto-backed loan company, has gained exemptive relief from the Canadian Securities Administration (CSA) to offer crypto-backed loans without requiring traditional dealer registration or prospectus filings.“Over the last 2 years, APX developed a […] regulatory framework in collaboration with the Ontario Securities Commission (OSC) to facilitate this, as no such framework previously existed in Canada,” a spokesperson for APX told Cointelegraph.“This exemption is specific to APX and does not establish a precedent for other companies.”The platform currently supports Bitcoin (BTC) and Ether (ETH) as backing collateral for loans in Canadian or US dollars, with terms ranging from three months to five years.
Source: Blockchain Futurist ConferenceRelated: What Canada’s new Liberal PM Mark Carney means for cryptoCanada’s shifting political landscape could spell trouble for crypto regulationsRecently elected Canadian Prime Minister Mark Carney is a former central banker who once criticized Bitcoin for being supply-capped, calling the 21 million maximum supply a “serious deficiency.”In a speech to the Scottish Economics Conference at Edinburgh University in March 2018, Carney said: “Recreating a virtual global gold standard would be a criminal act of monetary amnesia.”Carney’s critical view of Bitcoin and cryptocurrencies may influence the direction of regulation in Canada and raise uncertainty about the future of the country’s crypto industry.
Andrei Poliakov, founder and CEO of APX Lending, said in a statement:“By engaging with Canadian regulators and leading the way in Canada, we are setting a new benchmark for compliance and security in crypto-backed lending, helping retail and institutional borrowers unlock liquidity while maintaining ownership of their digital assets".
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