The Government of Canada has obliged local cryptocurrency exchanges to register with the analytical center. Now all exchangers in Canada must report to the authorities about the nuances of transactions worth more than 10,000 Canadian dollars.
Regulation of the Canadian cryptocurrency exchanges
Starting from June 1st of next year, cryptocurrency exchanges operating in Canada are obliged not only to register for licensing at the Financial Transactions and Reports Analysis Centre (FinTRAC), but also to report all large transactions. The corresponding document was published by Canadian legislative bodies.
New rules for regulating cryptocurrency exchanges were made in the framework of the amendments to the existing law “On combating money laundering and terrorist financing.” Interesting, but now the crypto-exchangers are considered by Canadian regulators as official financial service providers, and should be tested for compliance with KYC/AML safety standards.
The most discussed amendment was the instruction to inform law enforcement agencies about all transactions that are equal and more than 10,000 Canadian dollars. According to many users, such conditions go beyond the main principles of cryptocurrency – anonymity and decentralization.
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Canadian crypto-exchanges are required to report on transactions above C$ 10,000. Recall that the Sardar Vallabhbhai Patel National Police Academy in India began conducting blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details familiarization courses for police officers.
Editor: Yulia Krasnaya