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  • Differentiation Between Intermediary Activity and Exchange Activity

    • CRA-1.1.26

      Category-1, Category-2 and Category-3 crypto-asset licensees intending to operate solely as a broker and/or dealer for clients (intermediary service) are not permitted to structure their broking / dealing service or platform in such a way that it would be deemed as operating a market i.e. a crypto asset exchange. The CBB would consider features such as allowing for price discovery, displaying a public trading order book (accessible to any member of the public, regardless of whether they are clients), and allowing trades to automatically be matched using an exchange-type matching engine as characteristic of a crypto-asset exchange.

      Added: April 2023

    • CRA-1.1.27

      Category 1, Category 2 and Category 3 crypto-asset licensees should design and structure their operations, user interface, website, marketing materials and any public or client-facing information such that it does not create the impression that it is running a licensed crypto asset exchange. In practice, category 1, category 2 and category 3 crypto-asset licensees must not:

      (a) Display any publicly-accessible information that may appear like a trading order book;
      (b) Provide for any price discovery; and
      (c) Give actual or potential clients the impression that they are interacting with a licensed crypto-asset exchange.
      Added: April 2023