Breaking Bitcoin News

1 BTC = 1 BTC

Latest Article ↗️

Breaking Bitcoin News

1 BTC = 1 BTC

Latest Article ↗️

Canadian Draft Law Requires Crypto Exchanges to Report “Large Virtual Currency Transactions”

written by

Canadian Draft Law Requires Crypto Exchanges to Report "Large Virtual Currency Transactions"

Support free journalists: > send a tip

In Canada, an official draft of new regulations on crypto exchanges and payment processors has been released by the government, says a Canada Gazette reports.

The draft will tackle areas identified by a 2015-16 Financial Action Task Force (FATF) evaluation, principally strengthening Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime (AML/ATF). The FATF is an intergovernmental organization that develops policies to combat money laundering.

New regulations will treat crypto exchanges and payment processors as money service businesses (MSB), which requires them to report transactions over CAD 10,000 Canadian dollars (USD 7,700). The new Know Your Customer (KYC) procedures will now have a threshold set at CAD 1,000 CAD (USD 770).

Canada’s move towards further cryptocurrency regulation and transparency reflect the growing trend with governments around the world to tighten the regulatory grip on the industry as a whole. The US Securities and Exchanges Commission (SEC) has been particularly active this year in tracking down and prosecuting fraudulent cryptocurrency exchange activity, according to Bitcoin News.

Francis Pouliot, co-founder of Montreal-based blockchain consulting firm Catallaxy, was particularly unhappy with current developments, and tweeted his response to the latest draft.

The draft reveals the regulations would cost about CAD 61 million (USD 47 million) over the next ten years, with the Canadian government maintaining that implementing these regulations will have a positive impact on the country’s international reputation.

This year, Canada’s first blockchain exchange-traded fund began trading on the Toronto Stock Exchange and the Bank of Canada piloted a research program to examine the possibility of a national cryptocurrency.

Canada has been referred to as one of the most transparent countries globally when it comes to understanding laws surrounding the digital currency industry, aside from Switzerland, which reportedly wants to be “THE crypto-nation”.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Help spread this article :)

BitcoinNews.com is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com 

   Advertisement

Read More Bitcoin News

   Advertisement