On April 12, 2023, the Canadian Securities Administrators CSA announced that certain unregistered crypto-asset trading platforms CTPs operating in Canada had filed an enhanced pre-registration undertaking with their principal regulator as required by, and following the publication of, CSA Staff Notice 21-332 SN 21-332. SN 21-332 introduced new regulatory requirements that CTPs must satisfy to continue operating in Canada pending their registration, and provided clarifying guidance with respect to whether value-referenced crypto-assets constitute securities and/or derivatives.