The Toronto-based cryptocurrency exchange has appointed Joe Tosti as the Chief Compliance Officer. Joe has 20 years’ work experience in trading, compliance, operation, and wealth planning with the Canadian largest public institutions.
The appointment of Tosti follows a recent statement by Ontario Securities Commission (OSC) that the crypto trading platforms must comply with the Ontario securities law. CoinSmart applied on March 31st for dealership registration with the OSC and as a securities regulator; in Ontario and other provinces in Canada.
Joe’s role with Coin Smart will include providing regulatory oversight and guidance. That will ensure that the customer finances are protected. Before the appointment, Tosti held positions that include the President of Compliance at CI Investments, as the Chief at CI Private Wealth. While in the CI, Tosti was energetic in helping many start-ups succeed.
Coin Smart CEO, Justin Hartzman said that Joe will lead the company in the path of compliance to regulation. As the CCO, Tosti will strengthen what CoinSmart has put in place for their customers.
“CoinSmart has always taken the path of compliance and regulation and we look forward to Joe echoing that mission. As CCO, he will effectively strengthen the safeguards that we have put in place for our customers and continue to ensure that CoinSmart is always on the forefront of providing the safest and most secure services.”
CoinSmart will be the first Canadian crypto exchange to comply with the financial intelligence unit regulation. The financial intelligence unit is the Canadian financial Transactions and Report Analysis Centre. CoinSmart aims to ensure that customers’ funds are safe. That will be done by adhering to Know Your Client and Anti-Money Laundering regulations.
Tosti noted that Canadian should have the same confidence in crypto as they have with the financial system.
“I believe fostering a strong culture of compliance and maintain sound governance is a cornerstone of a successful organization.”
Tosti added that the direction they are taking will ensure that customers have a safe and secure experience with cryptocurrency.