The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) collectively filed a proposal to officially govern cryptocurrency exchanges and its users as of March 14.

At the moment, no Canadian crypto trading platforms are recognized as exchanges, leaving dealers and clients at risk of hacks, money laundering and other potential nuances.

After the incident of QuadrigaCX in December 2018, where a substantial amount of fiat and cryptocurrencies are put under creditor protection due to the death of its CEO, investors and consumers have been seeking regulatory oversight of the nascent industry.

The regulators reportedly awaits opinions from the financial technology community until May 15, yet it is unclear when the proposals will be enacted, as per the consultation paper.

Meanwhile, the proposal also addressed the need for cyber-security protocols, clear segregation of clients’ own capital and crypto funds, and the auditing of exchanges withal.