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. 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 pending regulatory approval. Andrei Poliakov, founder and CEO of APX Lending, said in a statement:

“By engaging with Canadian regulators and leading the way in Canada, we are setting a new benchmark for compliance and security in crypto-backed lending, helping retail and institutional borrowers unlock liquidity while maintaining ownership of their digital assets.”

APX loans range from 20%-60% loan-to-value (LTV), with an automated liquidation mechanism triggered at 90% if no corrective action is taken by the borrower to top up collateral or partially repay the loan when LTV reaches the 80% warning level and they are notified of the potential liquidation.

Loan terms range from three months to five years, reflecting the comparatively flexible structure of crypto-backed lending versus the more rigid and often less accessible options found in traditional financial systems.

APX Lending is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Its key competitors in the local market include Ledn, Nexo, and YouHodler, among others.

APX Lending founder and CEO Andrei Poliakov onstage at the Blockchain Futurist Conference in 2024. Source: Blockchain Futurist Conference

Related: What Canada’s new Liberal PM Mark Carney means for crypto

Canada’s shifting political landscape could spell trouble for crypto regulations

Recently elected Canadian Prime Minister Mark Carney is a former central banker who once criticized Bitcoin for being supply-capped, calling the 21 million maximum supply a “serious deficiency.”

In a speech to the Scottish Economics Conference at Edinburgh University in March 2018, Carney said: “Recreating a virtual global gold standard would be a criminal act of monetary amnesia.”

Carney’s critical view of Bitcoin and cryptocurrencies may influence the direction of regulation in Canada and raise uncertainty about the future of the country’s crypto industry.

However, Carney’s 2025 platform outlined goals to make Canada a global leader in emerging technologies such as artificial intelligence and “digital industries” amid increasing geopolitical competition and trade tensions with the United States.

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