The Canadian government requires pension funds to disclose their exposure to cryptocurrency asset risks

ChainCatcher news, the Canadian national government stated in the new 2023 budget plan: "To help protect the retirement lives of Canadians, the government will require federally regulated pension funds to disclose their cryptocurrency asset risk exposure to the Office of the Superintendent of Financial Institutions (OSFI)." Additionally, OSFI will consult with federally regulated financial institutions on guidelines for publicly disclosing their cryptocurrency asset exposure to help protect "the savings of Canadians and the safety of our financial sector."

This move comes after several high-profile bankruptcies, such as those of the FTX exchange, and the recent collapses of cryptocurrency-friendly U.S. banks Silvergate Bank and Signature Bank, which exposed the extreme risks investors face in the industry.

Last year, the Quebec-based pension fund Caisse de Depot et Placement du Quebec stated that it had written off a $150 million investment in Celsius Network. The Ontario Teachers' Pension Plan also indicated last year that it had written down its $95 million investment in FTX to zero. (CoinDesk)