So after allowing many individual crypto funds and ETF’s, including by 
's biggest mutual fund manager, our Ontario provincial regulator (de facto the national regulator) noticed there might be a problem. Not with crypto per se (I suppose the money laundering and drug profits are just a feature) but with some of the exchanges. With the horse long dead from starvation and the remains of the barn just a few burned beams on soot-stained snow, a new regulation is in place threatening to slam the barn door after 30 days if there is non-compliance.
With barely two months passed between an initial notice and the new requirements coming into force, it’s almost lightning speed for a regulator. That, says OSC CEO Grant Vingoe, is because there’s an emergency in the crypto market.
“It was somewhat of an emergency,” said Vingoe “after we’d seen substantial failures leading to FTX.”
“somewhat”
