APX Lending, a crypto-backed loan company, has gained exemptive relief from the Canadian Securities Administration (CSA) to offer crypto-backed loans without requiring traditional dealer registration or prospectus filings.
“Over the last 2 years, APX developed a […] regulatory framework in collaboration with the Ontario Securities Commission (OSC) to facilitate this, as no such framework previously existed in Canada,” a spokesperson for APX told Cointelegraph. “This exemption is specific to APX and does not establish a precedent for other companies.”
The platform currently supports Bitcoin (BTC) and Ether (ETH) as backing collateral for loans in Canadian or US dollars, with terms ranging from three months to five years. APX plans to add more digital assets and fiat currencies options in the near future.
The company claims to be expanding its reach to the United States, with future expansions planned for Australia and New Zealand