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What OSFI clarified on September 10
| What OSFI clarified A tokenized deposit is not legally distinct from a conventional deposit solely because it is recorded or transferred through digital-ledger technology. |
What did not change Banks must engage OSFI before launching novel services and remain responsible for compliance, cyber resilience and third-party providers. |
The Legal Question Is Now Clearer
In its September 10 statement, the Office of the Superintendent of Financial Institutions said it takes a technology-neutral approach to financial products. The statement confirms that the technology used to record or transfer a deposit does not determine its legal treatment.
For a bank, that removes a basic obstacle. It can examine a deposit token as a version of its existing deposit product rather than first proving that blockchain has created an entirely new category of liability. But OSFI did not approve a national launch pr...
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