OSFI declares that there is no difference in legal nature between tokenized deposits and traditional deposits

The Canadian financial regulatory agency OSFI states that under the federal financial institution legal framework, the legal nature of financial products and services depends on the product itself rather than the implementation method. When financial institutions launch innovative products such as tokenization and digital deposits, they must comply with current laws and regulations, as well as guidelines on B-13 technology and network risk management, B-10 third-party risk management, and communicate with regulatory agencies and obtain legal opinions before launching.