“The overall goal of the regulatory framework is to ensure there is a balance between the need to be flexible and facilitate innovation in the Canadian capital markets, while upholding the regulatory mandate of promoting investor protection and fair and efficient capital markets,” the OSC decision noted. The decision comes as part of the Canadian Securities Administrators’ (CSA) approach to regulating the fledgling crypto space, which includes granting temporary relief designed to “foster innovation and respond to novel circumstances,” while also allowing firms to operate under requirements tailored to their specific circumstances. Coinberry wants to join the Investment Industry Regulatory Organization of Canada (IIROC).

The relief was granted to allow the firm to operate while simultaneously seeking registration as an investment dealer.