Cryptocurrency companies in Canada and those planning to operate in the country have 30 days to meet updated crypto registration guidelines that were released on Wednesday, or risk losing their Canadian users.

The Canadian Securities Administrators (CSA) said in a press release that crypto companies planning to operate in Canada must undertake a pre-registration process within 30 days to initiate their full registration and comply with the guidelines.

In the pre-registration process, crypto asset trading platforms will have to conform to custody rules, which include segregating crypto assets held for local clients, restricting margin and leveraged trading, and ceasing the sale of stablecoins without the CSA’s permission.

According to the official notice, the pre-registration undertaking will include additional commitments from crypto asset trading platforms to hold assets, including cash, securities, and crypto assets that are not securities, of a Canadian client.

(By DYLAN BUTTS)

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