RATE Group | Canada Tightens Crypto Regulations Alongside AML/CTF Overhaul
83516
post-template-default,single,single-post,postid-83516,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Canada Tightens Crypto Regulations Alongside AML/CTF Overhaul

19 Mar Canada Tightens Crypto Regulations Alongside AML/CTF Overhaul

Posted at 22:14h in Cryptocurrency News by

[ad_1]

The Financial Transactions and Reports Analysis Center of Canada (FINTRAC) has announced it will soon implement new anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. The laws including updated guidelines for virtual currencies.

In a departmental report published on March 10, FINTRAC emphasizes that the establishment of “an enhanced AML/[CTF] regime” for businesses operating with cryptocurrencies is “a major priority in the near term.”

FINTRAC expands regulatory mandate regarding offshore crypto companies

In the report, FINTRAC emphasizes the challenges arising from business and consumer adoption of new technologies such as cryptocurrency — adding that while most of the changes arising from new technologies are incremental in nature, “many are revolutionary” in impact.

The updated legislative framework will include new reporting requirements for virtual currency transactions, extending FINTRAC’s regulatory mandate to greater cover the…

[ad_2]

Source link

Tags:
, , , , ,