The government budget for 2023 indicates the OSFI will consult with federally regulated financial institutions on guidelines for publicly disclosing their exposure to crypto-assets.

Canada’s national government said federally regulated pension funds in the country will need to disclose their crypto assets exposure to the Office of the Superintendent of Financial Institutions (OSFI), as Ottawa tightens its regulatory oversight on the volatile industry.

“To help protect Canadians’ retirements, Budget 2023 announces that the government will require federally regulated pension funds to disclose their crypto-asset exposures to OSFI,” the government said in the new 2023 budget plan. The federal government will also work with provinces and territories to discuss crypto-asset or related activities disclosures by the country’s largest pension plans, which would ensure Canadians are aware of their pension plan’s potential exposure to crypto assets, the budget plan added.

The move comes after several high-profile bankruptcies such as the FTX exchange and the recent collapse of crypto-friendly U.S. lenders Silvergate Bank and Signature Bank exposed the extreme volatility investors face in the industry.

Some of the pension funds in the country have already felt the burn of investing in crypto. Last year, Quebec-based pension fund Caisse de Depot et Placement du Quebec said that it wrote off a US$150 million bet on Celsius Network. Ontario Teachers’ Pension Plan, one of Canada’s largest pension funds with nearly US$250 billion in assets under management (AUM), also last year said it would write down the entirety of its US$95 million investment in FTX.

The 2023 budget indicated that OSFI will consult with federally regulated financial institutions on guidelines for publicly disclosing their exposure to crypto-assets, to help protect “Canadians’ savings and the security of our financial sector.”

“To protect Canadians from the risks that come with crypto-assets, there is a clear need for different orders of government to take an active role in addressing consumer protection gaps and risks to our financial system,” the budget said.

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The move by the Canadian prime minister includes an expansion of money-laundering laws to include crowdfunding platforms and cryptocurrency transactions.

Responding to the now weeks-long, trucker-led protests that have snarled streets in Ottawa and blocked key crossings at the U.S.-Canada border, Canadian Prime Minister Justin Trudeau this afternoon invoked the Emergencies Act for the first time since the law was passed in 1988.

“This is about keeping Canadians safe, protecting peoples’ jobs and restoring faith in our institutions,” said the prime minister. Though the Emergencies Act allows for the military to be called in, but Trudeau, for now, said he has no plans to do so.

The government instead appeared set to take aim at protester finances. Speaking alongside Trudeau, Deputy Prime Minister Chrystia Freeland said banks can immediately freeze or suspend bank accounts without a court order and without fear of civil liability. In addition, the government is broadening the scope of Canada’s anti-money laundering and terrorist financing rules to now cover crowdfunding platforms and the payment service providers they. These changes, said Freeland, cover all forms of transactions, including digital assets such as crypto.

The Tallycoin bitcoin fundraiser had reportedly raised more than 20 bitcoin (BTC) – or nearly $1 million – for the truckers. The organizers have shut down the fundraising page, and are asking for all to “stay tuned” about next steps.

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