Office of the Superintendent of Financial Institutions
OSFI is publishing this page to inform regulated and non-regulated institutions of its planned work on areas of digital innovation, and to consult on specific areas of that work.
OSFI recently published its
Annual Risk Outlook, which highlights OSFI’s strategic objectives for this fiscal year, including the release of its
Interim arrangements for the regulatory capital and liquidity treatment of crypto-asset exposures in August 2022, an important step in clarifying the interim regulatory capital and liquidity treatment of Deposit Taking Institutions’ (DTIs) and Insurers’ exposures to crypto-assets. OSFI remains committed to addressing emerging risks and assessing emerging technologies. This roadmap outlines OSFI’s planned work in this space, in line with the jointly published
statement to regulated entities engaging in Crypto-Asset Activities.
OSFI is engaged in international work, including the Basel Committee on Banking Supervision’s
consultation on prudential treatment for bank exposures to crypto assets, the Financial Stability Board’s
consultations related to Global Stablecoin and Crypto Asset Guidelines, and the
International Association of Insurance Supervisors (IAIS) 2022-2023 Roadmap, including the upcoming publication of their FinTech note.
OSFI plans to influence and leverage the outcomes of the work of these international bodies as a starting point for setting OSFI’s expectations. We will also leverage lessons learned from international body fora, such as the IAIS Fintech Forum. In this new and emerging digital space, OSFI is concurrently working with other Canadian regulatory agencies on creating the policy landscape.
To date, OSFI has recognized the importance of this evolving digital space. Through
OSFI’s Blueprint for Transformation 2022-2025, OSFI has created the Digital Innovation Impact Hub, focused on developing OSFI’s approaches to the regulation of digital technologies in the financial space with a current workplan focused on four key pillars:
Over the next 24 months, OSFI has planned multiple projects to provide additional clarity on areas of risk management and governance pertaining to digital assets, and will approach this work in an evergreen manner. OSFI remains committed to updating its approach as needed to reflect ongoing developments, particularly in line with the
Department of Finance legislative review focused on the digitalization of money.
*Formerly referred to as stablecoins.
Specifically, work being conducted as part of our four key pillars includes:
Much of OSFI’s work will be collaborative with other federal and provincial regulatory agencies, with international bodies, and with foreign governments. OSFI expects further work in this space pending the results of the
Government of Canada’s financial sector legislative review.
OSFI is seeking voluntary feedback from regulated and non-regulated entities on the following questions:
Feedback on the above questions should be sent to OSFI by email at
email@example.com by January 19, 2023. However, this roadmap will continue to evolve, and will be an evergreen document. While we would appreciate your feedback as soon as possible, we would welcome whatever input you have, at any time.