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Canadian crypto exchanges will be required to officially register

Canadian government updated legislation. Now, crypto exchanges that are located in Canada will be required to register, as well as regularly report large transactions to the government.

This innovation is associated with an active fight against financial terrorism.

On Wednesday, the government published amendments to the law on combating money laundering and terrorist financing. They took into account a number of gaps in the areas of traditional finance and digital currencies. As explained by the authorities, the new provisions cover “services for the exchange of virtual currencies and value transfer.”

Now in Canada, local and foreign exchanges are classified as money transfer service providers, which is why they must fulfill all applicable requirements for such companies and register with the Financial Transaction Analysis and Reporting Center (FINTRAC).

In addition, companies from this group must identify the senders of transactions and transfer information to the appropriate authorities in the event of receiving transfers for more than 10,000 Canadian dollars (7,667 US dollars).

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