New law amendment regulates cryptos in Canada

Canada North America

A new parliamentary amendment to Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act of 2000 extend it to cover cryptocurrency businesses – both foreign and domestic.

The new law, once approved, would classify businesses dealing with cryptocurrencies as money services businesses (MSBs) and require them to keep records, certify procedures and report suspicious transaction among others.

Furthermore, a registration with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) would be required of all cryptocurrency businesses.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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