RATE Group | Canada’s cryptocurrency exchanges are required to report on transfers above C$ 10,000
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Canada’s cryptocurrency exchanges are required to report on transfers above C$ 10,000

13 Jul Canada’s cryptocurrency exchanges are required to report on transfers above C$ 10,000

Posted at 12:33h in Cryptocurrency News by

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13/07/19 06:30 UTC-5

Crypto exchanges in Canada must report on transactions from 10,000 dollars
Crypto exchanges in Canada must report on transactions from 10,000 dollars

The Government of Canada has obliged local cryptocurrency exchanges to register with the analytical center. Now all exchangers in Canada must report to the authorities about the nuances of transactions worth more than 10,000 Canadian dollars.

 

Regulation of the Canadian cryptocurrency exchanges

Starting from June 1st of next year, cryptocurrency exchanges operating in Canada are obliged not only to register for licensing at the Financial Transactions and Reports Analysis Centre (FinTRAC), but also to report all large transactions. The corresponding document was published by Canadian legislative bodies.

New rules for regulating cryptocurrency exchanges were made in the framework of the amendments to the existing law “On combating money laundering and terrorist financing.” Interesting, but now the crypto-exchangers are considered by Canadian regulators as official financial…

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