Canadian cryptocurrency exchange CoinSmart submits OSC application
CoinSmart, a Toronto-based cryptocurrency exchange, today announced it has appointed Joe Tosti to the role of Chief Compliance Officer. Joe comes with over 20 years of experience in compliance, trading, operations, and wealth planning, having worked with some of the largest public institutions in Canada.
Joe’s addition to the team follows the latest statement from the Ontario Securities Commission (OSC) announcing that crypto trading platforms must bring their operations as a dealer or marketplace into compliance with Ontario securities law.
On March 31st, CoinSmart submitted its application for registration as a dealer with the OSC and the securities regulatory authorities in all other provinces and territories of Canada.
CoinSmart is also actively engaged in membership discussions with the Investment Industry Regulatory Organization of Canada (IIROC).
As Chief Compliance Officer, Joe will provide regulatory oversight and guidance, playing a critical role in customer protection and ensuring customer financial safety. Prior to joining CoinSmart, he served as the Vice President of Compliance at CI Investments and Chief Compliance Officer at CI Private Wealth and CI Direct Investing, one of Canada’s largest investment fund companies. In addition to his role at CI, Joe has also contributed to the success of many industry start-ups.
“CoinSmart has always taken the path of compliance and regulation and we look forward to Joe echoing that mission,” said Justin Hartzman, CEO of CoinSmart. “As CCO, he will effectively strengthen the safeguards that we have put in place for our customers and continue to ensure that CoinSmart is always on the forefront of providing the safest and most secure services.”
As one of the first Canadian exchanges to be regulatory compliant with the country’s financial intelligence unit – Financial Transactions and Reports Analysis Centre of Canada – CoinSmart prioritizes the safety and security of its customers with adherence to Know Your Client (KYC) and Anti-Money Laundering (AML) regulations and the use of cryptocurrency cold storage to reduce theft.
“Canadians have always had such strong trust in their financial system and they deserve that same level of trust and protection when it comes to crypto,” said Joe. “I believe that fostering a strong culture of compliance and maintaining sound governance is a cornerstone of a successful organization. As the industry continues to evolve and mature, I believe we are headed toward a direction where customers can have a safer and more secure experience with cryptocurrency.”