[2017-03-08] ToI: Ontario regulators say blockchain use may require approval

[polynesia]

Ontario regulators say blockchain use may require approval

http://timesofindia.indiatimes.com/business/international-business/ontario-regulators-say-blockchain-use-may-require-approval/articleshow/57542753.cms

The Ontario Securities Commission, Canada's largest securities regulator, said on Wednesday companies using blockchain technology in their financial services may need to register or file a prospectus or meet other regulatory requirements.

The OSC made the announcement in a notice that followed a white paper on Monday addressing the role new technology like blockchain will have on innovation in the industry.

It asked companies operating or planning a blockchain-based product or service to contact LaunchPad, the regulator's "sandbox" initiative that helps fintechs plan around compliance requirements.

Financial technology, or fintech, has transformed the banking industry in recent years by using new technology to provide more accessible, efficient, and often cheaper financial services.