RATE Group | Canadian cryptocurrency exchanges will have to report on large transactions
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Canadian cryptocurrency exchanges will have to report on large transactions

12 Jul Canadian cryptocurrency exchanges will have to report on large transactions

Posted at 08:05h in Cryptocurrency News by

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  •  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…

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