Canada has recognized and regulated cryptocurrency companies both domestic and foreign
It seems that cryptocurrency companies operating in Canada have received regulatory adjustments and will be officially regulated as Money Services Businesses (MSBs) in the country. Accordingly, companies, including Bitcoin exchanges, must now comply with regulations and register with FINTRAC, Canada’s financial intelligence unit.
Today is my last day as an unregulated dealer in virtual currency. As of June 1st 2020, Bitcoin exchanges and payment processors are officially regulated as Money Services Businesses in Canada.
Full circle 7 years after I started my career in Bitcoin lobbying on this very issue.
— Frλ͎ncis ☣️ (bullbitcoin.com) (@francispouliot_) May 31, 2020
Cryptocurrency companies that deal with Bitcoin are now officially regulated in Canada
Francis Pouliot, CEO and founder of crypto-based company Bull Bitcoin based in Canada has confirmed that the new regulations are in effect and see it as a benefit.
“I think this is a great success when we think about everything. It was not perfect, but it could have been much worse. Our stance has never changed: Bitcoin is money, it should be regulated like other coins, neither less nor more. ”
In the Canadian parliament in 2014, it was proposed that Bitcoin companies be included in the Money Laundering and Financing of Terrorism Law. Negotiations have been going on ever since.
With the new rules, both individuals and companies have been informed of the obligation to notify in all cryptocurrency transactions above 10 thousand Canadian dollars. According to Pouliot, this is the only obstacle to changes considered a definitive victory of the king.
Canada is often mentioned, especially during last year’s crypto-related events. In 2019, QuadrigaCX, the country’s largest cryptocurrency exchange, collapsed, and customer assets were lost. Later, it was clear that the stock exchange’s dead executive kept all assets under his control, and no one knew his private key except himself.
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