# kaal:claim:3117224-029

**Claim.** The Canadian Securities Administrators apply a four-factor test to determine whether a cryptocurrency must be registered as a security.

**Type.** condition  **Support.** evidenced

**Holds when.**

- Canada

**Source quote.**

> The CSA applies a four-factor test in determining whether a cryptocurrency have to be registered as securities.

**From.** Wulf A. Kaal, *Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses* (2018), IV. Regulatory Responses, page 18

**Cite as.** Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224

**Verify.** sha256 of source PDF `83e9ccb9219a217d9fcfc5c098b897229ee7cf85623bee3ae22d2e986548466b` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202018%20-%20Initial%20Coin%20Offerings%20The%20Top%2025%20Jurisdictions%20and%20Their%20Comparative%20Regulatory%20Responses.pdf

**Topics.** securities-law

**Keywords.** canada, csa, securities-registration, substance-over-form

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