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OSFI said on 10 September that tokenised and other digitally represented deposits are not legally distinct from traditional deposits solely because of the technology used. Its statement clarifies that federal financial institutions may conduct permitted activities in a technology-neutral manner.
Institutions remain responsible for compliance with applicable law and OSFI guidance, including technology and third-party risk rules, when they or service providers build or deliver such products. OSFI expects firms to engage their lead supervisors before launching novel products or services.