Matthew Burgoyne, partner and head of the McLeod Law Cryptocurrency and Blockchain group was mentioned in Bitcoin Magazine, "After QuadrigaCX: New Regulations for Canadian Exchanges Are in the Works". He comments on the question; When is a crypto exchange a securities or derivatives dealer, answering:

There is a lot to unpack in the new CSA consultation paper on cryptocurrency exchanges. Exchanges must consider whether their interactions with users create a derivative contract or futures contract. 

Non-security tokens trading on Canadian exchanges may be derivatives and still subject to regulation…this is a really detailed set of consultation questions, comments from industry due May 15.

Read the full article here.