News

New Crypto Regulations: Canada

Government of Canada has released an official draft of new regulations on crypto trades and installment processors.

As per the draft, the new regulations try to address "various inadequacies" that the Financial Action Task Force (FATF) outlined after their evaluation in 2015-16, in particular in fortifying Canada's Anti-Money Laundering and Anti-Terrorist Financing Regime (AML/ATF).

New regulations will treat crypto trades and exchanges processors as money service businesses (MSB), which expects them to report vast transactions — those over $10,000 Canadian dollars ($7700 USD) — and another Know Your Customer (KYC) limit set at exchanges of $1000 CAD ($770 USD).

“Canada Focused on KYC/AML”