Key components of the 2025–2028 business plan – CSA strengthens oversight of crypto funds and launches a regulatory framework for VRCA (value-referenced crypto assets). This aligns closely with recent innovations and priorities in the US and the UK, as Canada develops its regulatory architecture for cryptocurrencies and other advanced technologies such as asset tokenization, AI, and more.
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CSA Business Plan 2025–2028 Promises a New Phase in Canada’s Crypto Regulation
Just recently, the SEC’s OIAD emphasized that crypto initiatives will remain a regulatory priority not only in 2025 but also in 2026. The UK has likewise highlighted its focus on AI by launching a dedicated program. It now appears that Canada has consolidated both these vectors and outlined them as a strategic priority through to 2028.
Specifically, the Canadian Securities Administrators (CSA) have announced a strategic shift toward a clearer regulatory architecture for crypto assets, VRCA. They state their intent to “develop a regulatory approach for VRCA issuers, including disclosure requirements and reserve standards,” which may involve classifying certain VRCA either as investment contracts or trust obligations depending on issuance conditions.
A further key priority is the announcement of upcoming regulations that would make the decisions of the Ombudsman for Banking Services and Investments (OBSI) binding for market participants. This represents a fundamental strengthening of investor protection mechanisms in cases of dispute, including in the crypto sector, where previously participation in dispute resolution was voluntary.
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Another critically important initiative is the launch of an AI sandbox to assess algorithmic and AI-based products developed by market participants. CSA clarified that this sandbox will allow new solutions to be tested in a controlled environment while ensuring user protection and compliance with existing rules. Something very similar to the UK AI initiative that we saw recently.
Generally, CSA has reaffirmed its commitment to monitoring unregistered platforms, including P2P markets and DeFi services, using both law enforcement cooperation and international data exchange frameworks.
CSA Chair Stan Magidson said:
“Canada’s capital markets are navigating a period of rapid change—shaped by global economic uncertainty, evolving investor expectations, and technological transformation.”
Conclusion
Canada is working to keep pace with developments in digital finance and other core technologies of the modern era. At the same time, it is treating the opportunities of AI and the challenges of DeFi as part of a unified technological transformation strategy, bringing crypto regulation closer to the broader vector of digital economic policy. We will be watching this highly promising direction closely.
