[Canadian Financial Regulator Determines Legal Nature of Tokenized Deposits Equivalent to Traditional Deposits] According to a report by (Bitcoin.com) News, the Office of the Superintendent of Financial Institutions (OSFI) in Canada has stated that tokenized deposits are "legally indistinguishable" from traditional deposits, and the underlying technology used in financial products or services does not determine their legal nature. OSFI indicated that financial institutions can conduct tokenized deposit business under existing financial regulatory laws without the need for additional regulatory provisions. Both financial institutions and third parties acting on their behalf must ensure that their activities comply with applicable laws and regulations. OSFI requires financial institutions to communicate with the responsible OSFI supervisor before launching new products or services and recommends seeking legal advice prior to rollout. OSFI oversees nearly 350 financial institutions and 1,200 pension plans.