RATE Group | Cryptocurrency Firms Now Recognized as Money Service Businesses in Canada
89809
post-template-default,single,single-post,postid-89809,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
 

Cryptocurrency Firms Now Recognized as Money Service Businesses in Canada

02 Jun Cryptocurrency Firms Now Recognized as Money Service Businesses in Canada

Posted at 12:38h in Cryptocurrency News by

Cryptocurrency exchanges and payment processors are now legally recognized as Money Service Businesses (MSB) within Canada.

June 1 saw the enactment of amendments to Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act that were passed in June 2019 to address holes in the then-existing framework.

Candian crypto firms must now report all transactions exceeding 10,000 Canadian dollars ($7,403), and register and comply with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Recognition brings relief

On May 29, the CEO of Canadian crypto asset exchange BullBitcoin, Francis Pouliot, tweeted:

“Today is my last day as an unregulated dealer in virtual currency. As of June 1, 2020, Bitcoin exchanges and payment processors are officially regulated as Money Services Businesses in Canada.”

Pouliot had spent over half a decade fighting for legitimate recognition for Canada’s crypto sector, having joined the Bitcoin Foundation Canada as its…

Source link

Tags:
, , , , , ,