•  Canadian authorities bring their AML regulation in compliance with FATF requirements.
  • Cryptocurrency exchanges will have to report on transactions that exceed CAD10,000.

 The Canadian authorities obliged local and foreign cryptocurrency exchanges to register with the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC). New rules were published on the official website of the government as amendments to Anti-Money Laundering Law.  

Thus, in accordance with the updated rules and definitions, cryptocurrency exchanges are classified as financial services and payment service providers. It means that they have to comply with all KYC/AML requirements applicable to these companies. 

Also, the trading platforms for virtual currencies will have to identify senders and report the details on all transactions that exceed CAD 10,000 ($7646).

"While all reporting entities will need to report the receipt of Can$10,000 of virtual currency, similar to large cash transactions, the amendments were modified to repeal the mandatory reporting obligations for virtual currency transfers that total Can$10,000 equivalent or more while Finance Canada officials are awaiting the completion of the changes to the FATF guidance," the document says.

The new rules will take effect on June 1, 2020.

It is worth noting that Canadian authorities adopted a tighter regulatory approach towards the industry after QuadrigaCX debacle.
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD bulls trapped as $6,300 proves a hard nut to crack

Bitcoin (BTC) is changing hands at $6,280, having gained nearly 2% on a day-to-day basis. Notably, the first digital asset has recovered from the intraday low registered at $5,854.

More Bitcoin News

Ripple's Price Analysis: XRP/USD sell-off rejects from upside trendline, next target is $0.1730

Ripple's XRP is changing hands at $0.1720, with over 6% gains since the beginning of the day. The third-largest digital asset with the current market value of $7.3 billion has been moving in sync with the broader cryptocurrency market.

More Ripple News

Litecoin Price Analysis: LTC/USD triangle breakout puts $50 in sight

Litecoin price is just as bullish as the other major cryptocurrencies on Monday. From an opening value of $37.12, LTC/USD has grown by 3.92% to trade at $38.58. 

More Litecoin News

Cryptocurrency Market Update: Bitcoin paces towards $7,000 amid extreme fear and volatility

The Crypto Fear & Greed Index, a platform developed by Alternative.me shows Bitcoin at extreme fear (precisely at 10). On Sunday, the Fear &Greed Index was at 12, similar to last week.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Coronavirus will either kill Bitcoin or make it stronger

Bitcoin is about to finish the second positive week in a row. The first digital coin has recovered from $5,680 and came close to psychological $7,000 during the week.

Read the weekly forecast

BTC

ETH

XRP